Boehner plan

• No tax increases.

• Increases the federal debt ceiling by up to $1 trillion coupled with $1.2 trillion in spending cuts in discretionary programs over 10 years.

• Requires a second vote to raise the debt ceiling in 2012.

• Caps future spending. Failure to remain below caps would trigger automatic across-the-board spending cuts.

• Requires a vote on a balanced budget amendment after Oct. 1 but before the end of the year.

• Creates joint congressional committee charged with determining at least $1.8 trillion in spending cuts in entitlement programs, such as Medicare and Social Security, over 10 years. The House and Senate would vote for proposal on an up-and-down basis with no amendments. If passed, the president would be authorized to seek a $1.6 trillion increase in the debt ceiling.

Reid plan

• No tax increases.

• Raises debt ceiling by $2.5 trillion through 2012.

• $1.2 trillion in spending cuts over 10 years.

• $100 billion in savings that include reduced fraud and abuse in mandatory programs, changes Fannie Mae and Freddie Mac, sales of the radio spectrum and changes in agricultural programs.

• $1 trillion in savings from winding down the wars in Iraq and Afghanistan.

• $400 billion in interest savings.

• Creates joint congressional committee to find future savings. The recommendations would receive an up-or-down vote by the end of 2011. Unlike Boehner’s plan, the increase in debt ceiling is not contingent on approval of this committee’s proposal.