Senate Kills Reid's Debt Deal, Only Obama-McConnell Plan Left (The Atlantic Wire)

Shortly after 1 p.m. today, the Senate voted down Majority Leader Harry Reid's debt deal. As Talking Points Memo reported, Reid's bill was "outmoded" by the new plan between the White House and Minority Leader Mitch McConnell, which is still in the works, and will be attached as an amendment to Reid's bill. The plan, from what we've heard, has a debt ceiling increase of up to $2.1 to $2.4 trillion, spending cuts of roughly $1.2 trillion over 10 years, and an enforcement trigger of spending cuts that will kick in if a bipartisan committee doesn't come up with entitlement and tax reforms this year.

Related: The Many Images From Obama's Testy Press Conference

Now that Reid's bill is down, here is what's next:

Source: http://us.rd.yahoo.com/dailynews/rss/uscongress/*http%3A//news.yahoo.com/s/atlantic/20110731/pl_atlantic/senatekillsreidsdebtdealonlyobamamcconnellplanleft40631

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