It was a party-line squeaker, even with the next raising of the debt ceiling (before 2012) to be contingent on a balanced budget amendment to the Constitution. The first Boehner bill might have been the basis for a joint approach. This one appears designed to be a non-starter in the Senate.
Greg Sargent has a concise description of what just happened:
Instead of passing a Cut, Cap, and Balance proposal as the House already has done, the new Boehner plan is a short delay (with severe budget cuts) followed by Cut, Cap, and Balance. Unlike the original Boehner bill, which I thought was a legitimate (if badly overdue) opening bid, this bill is designed to provide cover for the Speaker and for mainstream conservative Republicans from their Tea Party enemies, not as part of bargaining towards a solution.
Ezra notes how compromise itself is anathema to the current GOP. Their base simply doesn't believe in it. As for the current House bill:
Is that acceptable to the Senate? Of course not. “We simply do not have the votes in this body to enact such a measure,” said Sen. John McCain on Thursday. But that’s sort of the point. If Boehner is to have any chance of passing his bill through the House, he needs to make it completely unacceptable to the president and the Senate.
And so the House Republicans really are threatening to up-end the entire economy if they don't get everything they want. And the deadline approaches. There really isn't any adult driver in this car. And it's headed straight at us.