Boehner Plan (House)

As passed, the legislation authorizes $900 billion in additional borrowing while reducing the deficit by $917 billion over 10 years. The president could request a second increase in the debt ceiling of up to $1.6 trillion upon passage of the balanced-budget amendment and a separate $1.8 trillion deficit reduction package, to be written by a new “joint committee of Congress.” The initial version of Boehner’s bill required only a vote on a balanced-budget amendment in the House and Senate, not actual passage.

President Obama named former Ohio attorney general Richard Cordray on Monday afternoon as his pick to lead the nation’s powerful new consumer watchdog agency and pledged to fight efforts to undermine financial reform.-- Consumer Financial Protection Bureau.
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But confirming Cordray is an uphill battle for the administration. Forty-four Republican senators have pledged to block any candidate for the job unless Obama agrees to structural changes to the agency.
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Obama’s move has also disappointed many liberals, who had backed controversial Harvard law professor Elizabeth Warren for the post.