LIVE COVERAGE: Republicans Revolt Against Boehner Plan Your Business and Your Life

LIVE COVERAGE: Republicans Revolt Against Boehner Plan

Yesterday congressional leaders introduced dueling plans to raise the debt limit and lower the deficit.

President Barack Obama and Speaker of the House John Boehner provided their thoughts on the negotiations in back-to-back prime-time addresses last night.

Meanwhile, in seven days the country will no longer be able to meet all of its obligations.

We’ll be live-blogging the latest developments all day. Click here or refresh the page

8:23pm | SHOCKER: MoveOn.org, the progressive group, says it will not support any Democrat who votes in favor of the Boehner plan.

8:20pm | ANOTHER NO VOTE: Sen. Lindsey Graham (R-SC) says he “cannot in good conscience support the Boehner proposal in its current construct.”

8:17pm | House Republicans have called another meeting of the caucus tonight to meet with policy experts as Boehner and Cantor try to convince members of their party to back the GOP plan to raise the debt limit.

8:14pm | Rep. Heath Shuler (D-SC), who voted with Republcans on the “Cut, Cap, and Balance” plan, will not join them on the Boehner plan. With no Democratic help, it appears the plan will not reach 217 votes tomorrow. He said it is “nothing more than political posturing that threatens the economic security of our country”.

4:08pm | White House Chief of Staff Bill Daley tells Bloomberg TV that Reid bill will pass the Senate.

4:03pm | Boehner spokesman Brendan Buck emails on Obama’s veto “threat”: ““The House plan is the only one with a pathway to the President’s desk, and we appreciate his apparent willingness to sign it. By signing the House bill, the President could quickly end the crisis atmosphere he’s created and demonstrate he’s serious about cutting spending.”

3:57pm | The influential Cut Cap Balance Coalition slammed the Boehner bill today: “It is both bad policy and a violation of the Cut, Cap and Balance Pledge.”

3:55pm | Most Americans want Congress to compromise on raising the debt limit, according to a new poll. More details here.

3:36pm | Rep. Paul Ryan (R-WI) the chairman of the House budget committee has endorsed the Boehner plan. HIs support will help Boehner rally his caucus to support his plan for raising the debt limit.

3:32pm | Boehner’s office responds to White House vote threat. “The House plan is the only one with a pathway to the President’s desk.”.

3:30pm | The Chamber of Commerce has endorsed the Boehner bill, as the GOP and conservative interest groups fracture over the plan.

3:05pm | Rep. Joe Walsh (R-IL) on Boehner’s plan passing in the House: “I don’t know.” Will he vote for it? “No, I can’t…”.

2:42pm | The White House formally issued a veto threat on Speaker of the House John Boehner’s plan to raise the debt limit. In a Statement of Administration Policy from the Office of Management and Budget, officials said if the bill “is presented to the President, the President’s senior advisors would recommend that he veto this bill.”

2:37pm | McConnell highlights that Americans for Tax Reform endorsed Boehner plan. Says “we’re doing everything to help our friends in the House to pass it”.

2:33pm | McConnell did not address the Boehner proposal, but his call to renew working with Obama differs sharply from Boehner’s contention that a solution will come out of Congress.

2:31pm | McConnell also says it is “time to reengage” with President Obama — “the only person who can sign a bill into law.”

2:30pm | McConnell: “We believe (Reid’s) proposal is not a serious plan.” He says it should be defeated.

2:29pm | Senate Minority Leader Mitch McConnell says Reid plan includes “highly suspect” spending cuts.

2:28pm | Reid says Democrats have already compromised. “The people are not interested in deals, they are interested in solutions,” he said.

2:26pm | Reid says he tried to include a “trigger” that would include penalties if the bipartisan fiscal commission was not able to reach an agreement on major deficit reduction later this year, adding that Republicans would only agree to cuts.

2:26pm | Reid says credit rating agencies are very, very nervous.

2:25pm | Breaking from Reuters: 56 percent of Americans want combination of spending cuts and tax hikes to solve budget deficit -Reuters/IPSOS poll.

2:24pm | Reid says he just asked the Democratic Caucus to reach out to allied GOP Senators to see how to bring them on board with his debt deal.

2:21pm | Reid: says Speaker wants to avoid default “but he sure has a funny way of showing it,” adds that Boehner should act more like a “statesman.”

2:20pm | Harry Reid says the Boehner plan is “dead on arrival in the Senate — if they can get it out of the House.” It appears increasingly likely that the Boehner plan cannot even go that far.

2:07pm | Club for Growth is the latest conservative organization to oppose the Boehner plan.

“It cuts almost nothing immediately, it caps only discretionary spending, and it does not require passage of a balanced budget amendment.”

“Additionally, and perhaps more importantly, it simply doesn’t fix the country’s fiscal problems. We strongly oppose it and we urge a NO vote.”

1:59pm | Democrats are highlighting testimony from NASDAQ CEO Robert Greifeld earlier today saying “The longer the deal, the better the markets will feel.” .

1:55pm | Boehner and Cantor scheduled the third meeting the GOP caucus in as many days for Wednesday morning before the vote on the Speaker’s plan.

1:52pm | House Republicans are revolting against the Boehner debt ceiling plan, The Washington Times reports. In addition to their dissatisfaction with the magnitude of spending cuts, they also want assurances that a balanced budget amendment will be sent to the states — a nearly impossible task with Democrats controlling the Senate.

1:44pm | Carney says he has “no knowledge” of White House contacts with major foreign lenders re: debt crisis.

1:38pm | Carney once again refusing to state what government bills would go unpaid after August 2nd w/o debt limit increase.

1:28pm | Carney: ‘Only Congress can increase the statutory debt limit,’ he said the 14th amendment option is not available.

1:25pm | Carney’s reading of market non-reaction to debt ceiling news: says “it is a good thing that people still believe that Washington will solve this problem.”

1:24pm | Carney says Obama has shown some hesitance to releasing its plan because of fears that activists on both sides will work to kill it.

1:14pm | Carney rejects the GOP argument that President Obama has not presented a plan. Says House and Senate leaders know Obama’s plan, and that WH has briefed reporters on specifics multiple times.

1:13pm | Carney adds Obama is doing “whatever it takes to reach a compromise” on deficit/debt limit bill..

1:07pm | Carney driving home that Boehner didn’t use the word compromise in his speech last night, while saying it was the key theme of Obama’s address.

1:04pm | Asked Does President feel sidelined?” Carney says: “absolutely not”.

1:03pm | OMB Director Jack Lew on MSNBC moments ago: “August 2nd is very real… We don’t have more time. This has to get resolved.”

1:02pm | Carney says “we’re working on Plan B” if debt limit isn’t raised. doesn’t offer details.

12:57pm | Mitt Romney just endorsed the Boehner plan. Jon Huntsman endorsed it yesterday. The other GOP candidates appear to be staying on the sidelines in the current debate.

12:57pm | Carney on the Reid plan:”It represents compromise”.

12:55pm | Carney: “Now is the time for Democrats to give, for Republicans to give… To do what is best for the country.”

12:53pm | Carney says the Boehner plan “can’t pass the Senate, will not pass the Senate, and won’t come to the President’s desk.”

12:52pm | Carney said there is no wiggle-room to that deadline.

12:49pm | Carney asked if August 2nd is the “drop-dead deadline” he says “it’s not a guess, it’s the judgment of career analysts at the Treasury Department.”

12:48pm | Jay Carney is beginning the briefing now. He says Obama believes the American people overwhelmingly believe that Washington should compromise on a “balanced” approach. White House takes credit for crashing the House servers/phone lines.

12:46pm | Bloomberg’s Lizzie O’Leary quotes an S&P spokesman pushing back on CNN’s report last night that S&P backs the Reid plan: S&P Spokesman to me: “S&P has been very clear not to comment on any particular plan proposed.”

12:39pm | Also a late addition — Democratic and Republican Senators will hold separate news conferences at 2pm.

12:38pm | The White House Briefing is running a few minutes late. We’ll bring you the latest when it begins.

12:22pm | Per CBS’ Mark Knoller: Pres. Obama & VP Biden are visiting the residence of Norway’s Ambassador to the US to offer condolences for those killed in weekend massacre.

12:14pm | White House Communications Direct Dan Pfieffer tweets that the NBC News report is inaccurate. Obama is not traveling to the Capitol.

12:08pm | NBC News is reporting President Obama is on his way to the Capitol to continue negotiations on raising the debt limit. This would be a highly unusual move, as all previous discussions involving the president have taken place at the White House.

12:04pm | While some conservative groups are opposing the Boehner plan, National Review is claiming victory over the Reid proposal. Yuval Levin writes that “Something between the bills, which is now perhaps the most that Democrats can hope for, would be an extraordinary win for Republicans”. Read the post here:

11:57am | The GOP “Cut, Cap, and Balance” plan got five Democratic votes, but it is not clear whether they or any other Democrats would support the Boehner plan against their party’s will. Democrats didn’t “whip against” the CCB plan since it was guaranteed to pass. That won’t be the case tomorrow.

11:52am | If Democrats are capable of holding their caucus together, it appears the Boehner debt limit plan will fail to pass the House of Representatives if brought to a vote. Rep. Jim Jordan (R-OH) says Boehner’s plan does not have the support of 218 Republicans as of this morning.

11:50am | From earlier: House Democratic Whip Steny Hoyer tells reporters that Boehner’s bill will get “very few” Dem votes. Reid’s bill would get “very close to all our members.”

11:48am | Rep. Jim Jordan (R-OH) says he is “confident that as of this morning there are not 218 Republicans in support” of the Boehner bill.

11:46am | White House economic advisor Gene Sperling refused to say Obama will veto a short term debt limit increase. “Look, we’re facing a stalemate right now,” he said. “Our issue now is not what happens if legislation comes to the president’s desk,” Sperling said. “Our issue is that we’re in stalemate, and we need some kind of a compromise to break the stalemate.”..

11:43am | Conservative groups are rallying in opposition to the Boehner proposal, telling their members to call their representatives. “Regrettably, the Boehner plan is insufficient to addresses the fiscal challenge we currently face,” wrote Heritage Action for America in a message to supporters, adding “CALL CONGRESS and tell them to remain strong, and fight for real cuts and real reforms.”

11:38am | The Hill newspaper quotes a Republican source saying Eric Cantor told his caucus today to “stop grumbling and whining and to come together as conservatives and rally behind the speaker and call the president’s bluff.”

11:33am | Republicans calling on Obama to publicly say the nation will not fail to pay its debt obligations. Saying “the President is being irresponsible not reassuring the markets we will not default.”

11:30am | Conservative GOPers would prioritize debt payments, Social Security and military salaries in the event the debt limit isn’t raised. They say there will be no default.

11:27am | Hoyer says Reid plan is “not the plan I like” but he doesn’t like Boehner plan. Hopeful Reid’s bill will pass.

11:26am | Conservative Republicans are pushing legislation that would prioritize payments in the event the debt limit isn’t raised. Neither Republican nor Democratic leadership want to acknowledge this may be necessary as they try to reassure markets that the debt limit will be raised in time.

11:20am | House Democratic Whip Steny Hoyer tells reporters that Boehner’s bill will get “very few” Dem votes. Reid’s bill would get “very close to all our members”.

11:07am | The Reid plan has been posted. We’re going through it right now to pull out the the important bits, but suffice it to say, it is VERY similar to the Boehner plan.

10:29am | Boehner said “I think we can pass” the GOP debt limit proposal, adding that it will take work.

10:24am | Republicans and Democrats appear to agree that the current situation is a “manufactured crisis” in Washington. They disagree on who manufactured it.

10:19am | The House will vote on balanced budget amendment on Thursday.

10:18am | GOP Whip Kevin McCarthy: “Remember what the president didn’t say last night. He didn’t say he’d veto .

10:17am | For what it’s worth: Earlier today, Senate Chaplain Barry Black asked the Lord’s blessing to keep Senators “from the pit of disunity and discord.”

10:15am | Boehner and House Majority Leader Eric Cantor are criticizing President Obama’s speech last night, but are mostly holding back from going after the Reid plan to raise the debt limit.

10:14am | The Boehner presser just started. He reiterates that in his opinion Obama is looking for “a blank check”.

10:08am | Apparently President Obama’s call for people to contact their representatives is working. “Due to high volume of external calls, House telephone circuits serving 202-225-XXXX phone numbers are near capacity”.

10:07am | Reid is quoting Republican lawmakers saying they would prefer a long-term solution to raising the debt limit. He adds “The Republican plan, they know, will not pass the Senate of the United States.”

10:04am | Speaking on the Senate Floor, Majority Leader Harry Reid says as far as he can tell today “the only dueling going on in Washington is between Republicans’ multiple personalities.”

9:54am | Bloomberg is reporting that the Treasury Department and the Fed can work together to prevent thee government from defaulting on its debt through September, by prioritizing payments. Read the report here:

9:47am | Just how similar are the GOP and Democratic debt plans? Not only do they have the same name, but they also have the same fiscal target for the federal spending for fiscal year 2013. Is a compromise near? Our take here:

9:20am | White House Communications Director Dan Pfeiffer said on MSNBC just now that people across the country are “frustrated that some Republicans believe compromise is a dirty word.”

9:08am | The New York Times’ Paul Krugman is not happy with President Obama. More here.

9:00am | Today’s schedule so far:

8:52am | The New Republic’s Jonathan Chait’s ominous prediction after listening to Obama and Boehner last night:

“I’m not really sure what Obama was trying to accomplish in his speech. I thought he would try to find some kind of lowest common denominator between the Reid and Boehner plans that would stand a chance of passing Congress. He didn’t. Instead he appealed once again to the Grand Bargain. If Obama thinks Congress will pass something like that, he’s nuts. … The most rational explanation for Obama’s speech is that he’s positioning himself for failure. He’s explaining his position so that when Congress fails to lift the debt ceiling, Americans will blame the Republicans and not him. … I expect a week from now we’ll be bracing for disaster.” Read the full article here.

8:49am | In case you missed it, sources point to S&P favoring the Democratic debt limit plan over the one introduced by Speaker of the House John Boehner because it cuts more from the deficit initially, and raises the debt limit in one shot. More here.

8:38am | Goldman Sachs has released a timeline with their prediction for the debt ceiling negotiations. Read it here.

8:19am | The GOP debt ceiling plan has been posted, setting the stage for a Wednesday vote. Get the details here.

8:13am | Per Mike Allen’s Playbook, White House officials are going on a media blitz today to push a compromise solution, as it becomes clearer that a plan will develop without the input of President Obama.

8:03am | Good Tuesday morning and welcome to D-Day -7. Congressional leaders have under 160 hours to reach a deal to raise the debt limit to ensure the government can pay all of its bills on August 3rd.

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