Reid Objects To Consideration Of His Own Debt Bill

Both plans would save about the same amount of money over ten years. The Reid bill would save $909 billion. The Boehner bill (including the July 29 changes) would save $917 billion.

Both plans would cut about the same amount (about $1 trillion) from the 2012 and 2013 budgets (the only budgets that this Congress has any real authority over). (This does not include Reid's “war savings,” see below.)

Both plans create a super-committee – a bipartisan committee of 12 members from both houses – to come up with a bill that reforms taxes and entitlements (Medicare, Medicaid and Social Security). Both houses would be required to vote on whatever bill the committee came up with.

Both plans cap discretionary (non-entitlement) spending. The caps rise with inflation after 2014.