Leaders in both chambersof Congress are trying to rally support for a debt-ceiling plan crafted by Senate Majority Leader Harry Reid (D-NV) and Senate Minority Leader Mitch McConnell (R-KY). The plan would allow President Obama to raise the debt ceiling three times over the next year by as much as $2.5 trillion. The biggest stumbling block has been the clash between the president and the House GOP. The White House is pushing to cut the deficit, which would include spending cuts and changes to entitlements as well as increases in tax revenue, but the Republican House is pushing for a balanced budget that doesn't involve a tax hike. A decision must be reached by August 2 in order to avoid a government default.
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