BOEHNER/ GOP
Spending cuts: $1.2 trillion, through both immediate cuts and capped spending over 10 years.Debt ceiling raised: $1 trillion, lasting until February or March 2012.
Revenue increases: None. But legislation would establish a congressional commission to identify another $1.8 trillion in savings, which could come through tax changes. The process would set up another vote by late this year or early next year.
Cuts to entitlement programs: Depends on commission.
Other cuts: Subject to commission’s recommendation.
Balanced budget amendment: Would require both House and Senate to take votes on a balanced budget amendment to the Constitution.
REID/ DEMOCRATIC
Spending cuts: $2.7 trillion over 10 years.Debt ceiling raised: About $2.4 trillion, lasting until early 2013, past the presidential elections.
Revenue increases: None, but it establishes a congressional commission to present options for future deficit reduction, which could involve tax changes.
Cuts to entitlement programs: None, but those could also come through the commission recommendations.
Other cuts: Includes $1 trillion in assumed savings from ending wars in Iraq and Afghanistan.
Balanced budget amendment: Does not include one.
OBAMA/ BOEHNER
Spending cuts: $2.7 trillion.Debt ceiling raised: About $2.4 trillion, until early 2013.
Revenue increases: $800 billion.*
Cuts to entitlement programs: $650 billion.
Other cuts: $1 trillion in assumed savings from ending wars.
* Obama wanted another $400 billion in revenue, which Boehner adamantly opposed
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