Deadline

Boehner Wants Debt Deal by Sunday

To reassure Asian markets.

House Speaker John Boehner wants to have a plan to avoid default in place by Sunday afternoon, in order to avoid panic in Asian markets. Boehner also warned GOP lawmakers that they may lose leverage if nothing is enacted by Aug. 2. The speaker said he does not want to resort to the “McConnell plan,” which would allow President Obama to raise the debt ceiling over the next year and a half. A spokesman for Boehner said the speaker is “working with congressional leaders on a path forward that will prevent a default. He is aware of the White House’s concerns about the Asian markets.” According to The New York Times, the plan Republicans are considering will cut $3 trillion to $4 trillion from the federal budget.