Economy/Business News Alert: House, Senate leaders unveil dueling debt-limit backup plans

---------------------------------------- Economy/Business News Alert: House, Senate leaders unveil dueling debt-limit backup plans July 25, 2011 2:42:20 PM ---------------------------------------- House and Senate leaders formally unveiled dueling backup plans Monday afternoon to raise the federal debt limit after a weekend of intense negotiations failed Sunday to break a partisan impasse that threatens to throw the government into default next week. House Speaker John A. Boehner (R-Ohio) proposed a two-step plan to cut spending by nearly $3 trillion, laying out the details to his rank-and-file Republicans in a closed-door meeting in the Capitol basement. Shortly afterward, Senate Majority Leader Harry M. Reid (D-Nev.) outlined a plan to slash $2.7 trillion. http://link.email.washingtonpost.com/r/VP6EHT/3OMXXW/IF8GKS/ICI2UW/6LRWN/36/h For more information, visit PostBusiness.com ---------------------------------------- Get The Washington Post app for iPad, iPhone or iPod Touch. http://itunes.com/apps/thewashingtonpost ---------------------------------------- Get breaking news alerts sent to your mobile phone. Sign up by texting NEWS to 98999. To unsubscribe, click here ---------------------------------------- ©2011 The Washington Post Company Washington Post Digital E-mail Customer Care 1150 15th Street NW Washington, DC 20071