BoehnerJohn BoehnerRyan reminds lawmakers to be on time for votes Juan Williams: GOP fumbles on healthcare The Hill's 12:30 Report MORE's bill would set 10-year discretionary spending caps that reduce spending by $1.2 trillion over 10 years. It would require across-the-board spending reductions and the sequestration of funds in order to meet these caps.

Caps in new discretionary budget authority would be $1.043 trillion in 2012, increasing to $1.234 trillion in 2021.

In return, the bill increases the debt ceiling by $1 trillion, which many estimate is enough for the next six months. Opponents warn that this would lead to another debt-ceiling crisis in the coming months.

But the bill would establish a joint House-Senate committee tasked with looking for another $1.8 trillion in cuts by 2021. This committee would have to vote on a report on how to get there by Nov. 23. If the cuts are made, the debt ceiling can increase another $1.6 trillion.

The House bill requires a vote on a balanced-budget amendment some time in the fourth calendar quarter of 2011, and provides for expedited consideration of the amendment by each body upon passage by the other.

In addition, the House bill sets out a debt-ceiling disapproval process. If the president certifies that the U.S. debt is within $100 billion of the debt ceiling and submits that certification to Congress, the Treasury can borrow $400 billion. If Congress fails to pass a resolution of disapproval on new borrowing, the debt limit is increased another $500 billion.

A summary of Boehner's bill is here.

On the Senate side, Reid introduced his own Budget Control Act, which aims to cut $2.7 trillion over 10 years. In return, the bill would increase the debt ceiling by enough to get the U.S. past the 2012 elections.

While his bill would appear to guarantee larger cuts right away, Republicans immediately criticized Reid's plan for relying on $1 trillion in cuts to military spending that most said they expected due to plans to draw down troops from Afghanistan and Iraq.

A look at Reid's numbers indicate that the two sides are close on the broad numbers, and differ only on where the cuts are made, plus other issues such as Boehner's call for another $1.8 trillion in cuts and a vote on the balanced-budget amendment.

Under Reid's bill, discretionary spending caps would be set for the next 10 years at levels that are very similar to Boehner's bill, which immediately cuts $1.2 trillion over 10 years. Reid's bill caps this spending at $1.045 trillion in 2012, which increases to $1.228 trillion in 2021 and is on a path that nearly mirrors the path in Boehner's bill.

Reid's proposal was introduced as a substitute amendment to a bill the Senate has already defeated: a "sense of the Senate" bill calling on higher taxes on people earning $1 million per year. The Senate meets at 10 a.m. to take up that new bill.