Boehner: Details of New Proposal Tomorrow

If you were waiting with bated breath for John Boehner to announce a new deal framework today in an effort to avert panic in the Asian markets and stop the US from defaulting ... tough luck. Boehner spoke with House Republicans on a conference call this afternoon, and word is the details of a new proposal to raise the debt ceiling—and, of course, cut spending—will come tomorrow, not today. During the call, Boehner said that a "grand deal" with President Obama isn't possible, the Wall Street Journal reports.

Harry Reid is working on his own "back-up plan," rumored to include $2.5 trillion in spending cuts, a $2.5 trillion debt ceiling increase, and no new taxes. Reid and Nancy Pelosi are planning to meet with Obama at 6pm, a source says. Meanwhile, the dollar was trading down against the yen and the Swiss franc, but the Journal notes it's still early. Need something to keep you occupied while you wait? Politico has a list of "myths and realities" of the deficit negotiations. (More John Boehner stories.)