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.