Talking Points Memo is currently reporting that the latest “compromise” plan out of the House – this meaning: Conservatives compromising with Very Conservatives – proposes a too-small debt ceiling addition in exchange for a balanced budget Constitutional amendment:
The debt ceiling would be raised immediately but not by enough to get the government through next year. To get the second debt ceiling increase, House Republicans want a balanced budget constitutionalamendment to pass both chambers first and be referred to the states.
Basically, the Republicans in the House want two thirds of a process only known to have happened 27 times in 200+ years to be completed before they’ll raise the debt ceiling again. This is the sound of the wheels coming right off the Speaker Boehner soapbox cart.