House Republican leaders are weighing a proposal that would increase the debt limit for four years in exchange for substantial spending and entitlement cuts, Roll Call reports:
The plan would, however, come at no easy price for Obama, who pledged as recently as Monday morning not to negotiate with Republicans on a debt ceiling hike. Republicans would demand major tax and entitlement reforms — the latter of which has been anathema to many Democrats — and they could also ask for movement on the sequester and an expiring continuing resolution that must be dealt with in the next three months.
The plan is pending official approval from GOP members, along with a variety of other options, who will be briefed on the details by House Speaker John Boehner (R-OH) during their conference retreat later this week.
