The House is expected to vote today on Speaker John Boehner's debt ceiling plan. It comes after Boehner released an amended version of the bill, which was originally questioned by the congressional budget office. But now the CBO says the revised proposal will cut deficits by $917 billion over ten years. It's $66 billion than the original. The new bill is expected to save $22 billion in 2012 alone. The CBO also reviewed Harry Reid's proposal, saying it would result in greater deficit reduction than Boehner's competing plan. The main difference is the Reid plan would extend the debt ceiling for a longer period of time. An aide for Boehner responded to the news saying, "This report shows the Senate plan for what it is: a grab-bag of gimmicks that gives the President a blank check."
Meanwhile, Senator Mitch McConnell is reportedly in talks with Vice President Biden over how to avoid default. Speaking on the floor yesterday, McConnell re-affirmed that he supports Boehner's plan. But if the Boehner proposal does make it to the Senate, Democrats insist it does not have a chance of making it to the President. Harry Reid said, "It's not a solution and it will not pass. Every Democratic senator will vote against it." Reid's comments comes as all 53 Senate Democrats sent a letter to Boehner yesterday saying his plan will never pass. But many conservatives are also unhappy. Tea party senators sent a letter of their own to the house saying they oppose Boehner's plan. Senator John McCain had a tough response to the nay-sayers. He said, "some members are believing that we could pass a balanced budget amendment to the constitution in this body with its present representation and that is foolish."