Senate Majority Leader Harry Reid said on the floor this morning that he had a "terrific" conversation with President Obama last night regarding the debt debate, and both await word from Speaker John Boehner on how the House plans to proceed.
Reid warned that there only 12 days until the Aug. 2 deadline to pass legislation.
"We cannot default on our debt. We in the Senate can have the greatest ideas in the world, but if they're not accepted in the House we can't extend the debt ceiling... So now we await the House of Representatives"
Reid mentioned three plans that are in play: the Reid-McConnell plan, the Gang of Six propsal, and President Obama's "grand plan."
On the Obama conversation, Reid said, "He understands the issue as well as anyone in the country, if not more so because the buck really does stop at his desk. So I tell all senators to look calm and deliberate, and I'm confident we'll be able to work through this very difficult time."
Boehner spokesman Michael Steel responded to Reid's speech: "We are well aware of the deadline, which is why we hope Sen. Reid will move quickly to schedule a Senate vote on the 'Cut, Cap, and Balance' plan that passed the House with bipartisan support last night." (But only five House Democrats voted for the measure, while nine Republicans voted against it.)