House and Senate leaders unveiled competing proposals for solving the debt ceiling dilemma. GOP House Speaker John Boehner's plan would cut $1.2 trillion now, raise the debt ceiling by $900 billion, and require a second increase before the 2012 election. Democratic Senate Majority Leader Harry Reid's plan would cut spending by $2.7 trillion — with no entitlement cuts — and raise the debt ceiling by $2.4 trillion, enough for more borrowing through the election. Neither plan raises revenues. Michele Norris talks to NPR's Andrea Seabrook and David Welna, who break it down.
Lawmakers Offer Competing Debt Ceiling Plans
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