Step One, completed (emphasis in original):
The House approved legislation on Friday by Speaker John Boehner, R-Ohio, to reduce the deficit by $915 billion over 10 years and increase the federal debt ceiling by $900 billion. The bill would allow for an additional $1.5 trillion increase in the debt ceiling early next year contingent on two outcomes: Congress enacting further deficit reductions and a balanced budget amendment sent to the states.
The latter condition was added after GOP leaders failed to secure enough votes for passage on Thursday. The language was added to appease hold-out fiscal conservatives. The speaker’s proposal passed on a party line vote, 218-210.
Of course, Reid says it’s DOA in the Senate, but that’s not a lock yet, I don’t think. The Dems have already voted down one bill that would have raised the debt limit, do they really want to be on record as voting down two? And just before an election year? I wonder if they’d be that politically stupid.