In short, neither Reid's or Boehner's plan do enough to reduce America’s debt, and neither would address the concerns raised by the credit rating agencies.
Americans tuning in last night to watch President Barack Obama’s primetime address from the East Room of the White House might have thought they stumbled upon yet another re-run from the networks. Instead of hearing news that Washington finally broke the debt ceiling stalemate, viewers were treated to more of the same from their President. He still had no plan for dealing with government overspending and overborrowing, and he repeated his never-ending call for tax hikes. Unfortunately, the plans proposed by House Speaker John Boehner (R–OH) and Senate Majority Leader Harry Reid (D–NV) don’t get the job done, either.