(NECN) - In Washington DC both Republicans and Democrats are preparing rival plans as the clock ticks down to the debt deadline.
House speaker John Boehner's new legislation, could be unveiled as early as this morning.
It would cut federal spending, raise the government's borrowing authority and be able to clear both houses of congress.
Senate democratic leader Harry Reid is working on an alternative plan including spending cuts an increase in borrowing authority and no new revenue.
Leaders have until Aug. 2 to reach an agreement.
The President is staying focused cancelling appearance at two fundraising events tonight, because of the debt-ceiling situation.
Professor Robert Murphy from Boston College joins NECN in studio to discuss the potential fallout.
