Reid: I have an exciting new compromise debt deal for you radical right-wing extremists

The Corner has a rundown of Boehner’s two-step short-term proposal — lots o’ buck-passing to a commission plus some procedural chicanery a la Mitch McConnell’s proposal plus a vote on a balanced-budget amendment down the line — but I think it’s a nonstarter. The Cut, Cup, and Balance coalition has already rejected it, which, if all members abide by that, means Boehner’s bill would start without 39 GOP votes in the House and 12 Republican votes in the Senate. Maybe the CCB crowd is playing good cop/bad cop with Boehner, trying to frighten the White House and Reid into agreeing to more concessions as the deadline looms, but eyeball their membership roster. Usually they mean what they say.

As for Reid’s plan: $2.7 trillion in cuts and no tax hikes — but no entitlement reform either, and fully $1 trillion of those “cuts” are merely the savings the feds have already been counting on from winding down the wars in Iraq and Afghanistan. Obama endorsed it about an hour ago, notwithstanding his weeks-long demand for new revenue, because it ensures that the next debt-ceiling debate won’t happen until 2013 and thus achieves his main/only goal of helping him get reelected. In fact, per Ed’s post this morning, remember that as of this weekend Boehner’s short-term plan was Reid’s plan. They were going to present it as a bipartisan compromise until The One intervened and reminded Dingy Harry what’s truly important to America, namely, another four years of Barack Obama. So Reid caved, even though Obama surely would have signed Boehner’s plan, and threw this thing together as quickly and haphazardly as he could. How haphazardly? Feast your eyes.

And that’s where we are at right now. Check back in an hour or two and we’ll probably have another 15-20 new proposals to fill you in on. Via Greg Hengler, here’s Dingy’s salute to the CCB coalition, which inexplicably makes it even harder for moderate Republicans in the House and Senate to vote for his plan. Which GOPer would want to take sides against the tea party with a guy who’s dumping on them as “extremists”? Exit question: Doesn’t Reid have the upper hand on Boehner right now? We already know that the GOP caucus is split over Boehner’s proposal whereas the Democrats might support Reid’s plan fairly uniformly, especially in the Senate. It’ll be a tough sell to progressives in the House, but the fact that it doesn’t touch entitlements and that Obama’s backing it (and sure to talk it up during his speech tonight) makes things somewhat easier. If Pelosi/Hoyer can deliver 100 Democrats in the name of averting default, Boehner might be able to deliver 120 Republicans, especially now that some righties are half-praising Reid’s bill as not so bad.