Boehner aims to release new debt plan by Sunday afternoon

House Speaker John Boehner (R-Ohio) told his GOP rank-and-file that congressional leaders are working round the clock on a deal set for release before the Asian markets open on Sunday at 4 p.m., a source tells The Hill.

Boehner gave few details as to the yet-to-be-seen proposal, according to an official who participated in the conference call held following a tense meeting at the White House on Saturday afternoon.

"He didn't mention any details; he said the big deal is the Asian markets tomorrow and therefore, we've got to get something out there," the source said, with a cynical attitude as to the urgency of the Asian markets.

The Speaker told his colleagues that any deal will be a product of congressional leadership - not a compromise struck with the White House, the source said, noting that "strategically not working with the president, but with the Senate could be better for him."

At the White House meeting, Boehner was backed up by Democratic leaders, Harry Reid and Nancy Pelosi, when he said to Obama, "Mr. President, I need to deal with the House and the Senate because we [the White House and Congress] aren't getting anywhere," the source said.

House Republicans were told to stand at the ready for an additional conference call if and when a deal is ready to be announced on Sunday.

---