The main difference between both proposals is how long a debt-ceiling extension would last. Reid and the Democrats, including President Obama, have sought to extend U.S. borrowing authority through 2013. Boehner and the Republicans have said such an arrangement would be giving the president a “blank check” during election season and have pushed instead for an extension until the end of 2011.

The compromise plan with the trigger would likely extend the ceiling until Jaunary 2013 and include the $1 trillion in immediate cuts for the next decade. Congress and the bipartisan committee would be charged with identifying the other $1.5 trillion by the end of this year. The trigger would include draconian cuts and potentially even revenue increases unpalatable to both parties if no second round of cuts was agreed upon by December, thus giving both parties incentive to negotiate the painful details.

“It’s one of the options that we’re discussing,” a member of Congress close to the negotiations told The Daily Beast, noting the details of cuts and the trigger had not yet been discussed. The White House had no comment on the prospect, although President Obama has spent much of the past week advocating for some sort of compromise between the parties.