House Republicans introduced their debt-ceiling plan late Monday night, and seemed poised to take up that bill as early as Wednesday. Under the plan, $1.2 trillion in cuts would be made over 10 years, and a committee would be established to find another $1.8 trillion in cuts.
Senate Majority Leader Harry Reid's (D-Nev.) bill sets similar discretionary budget caps over the next 10 years, but does not envision more cuts, and counts a reduced military presence in Afghanistan and Iraq as budget savings, something Republicans disagree with. Full details on both proposals, including texts, are here.
The Senate meets at 10 a.m. to consider Reid's proposal, although it is unclear when or whether Reid might file cloture on that bill and when a final vote might take place.
With House work on the debt ceiling expected Wednesday, the House today will take up other matters. The House meets at 10 a.m. for speeches and noon for legislative work. The House plans to take up H.R. 1938, the North American-Made Energy Security Act, which calls for the federal government to decide on a proposed TransCanada oil pipeline extension to Texas by November.
The House also plans to consider two bills under a suspension of House rules. These are H.R. 2608, the Small Business Program Extension and Reform Act, and H.R. 2056, instructing the inspector general of the Federal Deposit Insurance Corporation to study the impact of insured depository institution failures.
The House is expected to continue consideration of H.R. 2584, the Interior, Environment and Related Agencies Appropriation Act. A postponed vote on H.R. 1383, the Restoring GI Bill Fairness Act, is also expected.