GOP readies new debt ceiling plan; bill set for Sunday

House Republicans are finishing work on a new proposal to resolve the standoff over the debt ceiling.  The proposal, set to be finished and crafted into the form of a bill by Sunday, will be in two parts.  The first will combine a short-term increase in the debt ceiling with spending cuts.  The second will lay the groundwork for a longer-term increase in the debt ceiling coupled with far-reaching deficit reduction.

“Senator Reid said on Friday that he is going to wait for us to move,” says a well-informed GOP House aide.  “So we’ll move.”  Another well-informed aide confirmed the basic outline of what’s happening.

Staff of the House Rules Committee is involved in the work, which is an indication that the process is nearing completion.  Before any bill can be considered on the House floor, the Rules Committee must first pass a rule setting out the process for its consideration.  Once the proposal is finished, it would likely be posted on the Rules Committee website, probably no later than Monday, so the committee could meet to consider it on Tuesday and it could be on the House floor by Wednesday.