Corker: Neither proposal likely strong enough to avert credit downgrade

“Anybody that votes for a package in this body to address the debt ceiling and our deficit simultaneously that isn't of the order of magnitude that's real and scorable — those are two different definitions, real and scorable — is actually voting for a package that likely causes our country to be downgraded,” he continued.

Boehner's proposal would authorize additional debt that would last into early next year while cutting $1.2 trillion over a decade. It would also mandate a congressional vote on a balanced-budget amendment to the Constitution.

Reid’s plan would cut $2.7 trillion from the deficit over the next decade and would not raise any new revenue or make cuts to Medicare, Medicaid or Social Security. It would raise the debt ceiling through 2012. 

This piece was updated at 3:45 p.m.