Both Reid and Boehner released debt-ceiling plans yesterday. Ezra Klein outlines an "obvious compromise" between the two proposals:
The final plan could adopt Reid’s initial spending cuts, which are both slightly larger and more impressively stated than Boehner’s, and Reid’s longer debt-ceiling increase. But it could adopt Boehner’s idea for across-the-board spending cuts — perhaps in an augmented form that includes penalties designed to bring Republicans to the table — if a second round of deficit reduction doesn’t pass. It could also include a vote on a balanced-budget amendment, though I personally dislike this policy and consider it a mistake.
That compromise would preserve the cuts that the two parties have now agreed to, end the uncertainty about whether Congress will violate America’s full faith and credit, and impose an enforcement mechanism that properly forces deficit reduction by threatening a more severe form of deficit reduction — as opposed to an unnecessary economic crisis — if Congress can’t come to an agreement.