Reid And McConnell Working On Fall-Back Debt Plan

Senate leaders Harry Reid (D-NV) and Mitch McConnell (R-KY) are reportedly working on a backup debt ceiling plan that would combine aspects of Vice President Biden’s spending-cut plan and the complex procedural plan McConnell unveiled this week. While it’s not yet finalized, the scheme would involve spending cuts without revenue increases, but would raise the debt ceiling beyond the 2012 election and keep safety net programs like Social Security and Medicare fully intact.