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:
Practically Delusional | Talking Points Memo.
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.