"The BoehnerJohn Andrew BoehnerJohn Feehery: A political forest fire Trump's pick for Federal Reserve chief is right choice at right time The two-party system is dying — let’s put it out of its misery MORE plan … the Boehner plan, sorry ... poses the same grave risks to our economy as default,” said Lautenberg, pronouncing the name incorrectly on the first take.

"There is significant risk of a downgrade with a deal that ties further cuts to another vote only a few months down the road,” he added.

A vote on the plan is expected in both houses Thursday evening.