Update: In a very brief press conference, House Speaker John Boehner presented his plan to raise the debt ceiling and cut spending Monday, calling it "less than perfect" but insisting that it would be "irresponsible" for President Obama to veto it. Why is that a risk? Because Boehner's plan does not raise the limit enough to keep the government funded through the 2012 elections--something Obama has said is absolutely necessary.
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"I would call this plan less than perfect," Boehner said, "but it does ensure the spending cuts will be greater than the debt limit and there are no tax increases as part of this plan." After Boehner's very brief remarks, House Majority Leader Eric Cantor, whose role in the negotiations has been controversial, addressed reporters. He called the plan "a well thought out and reasoned plan in which no side gets all that it wants."
The plan would require another vote to raise the debt ceiling in about April of next year.
Original Post: House Speaker John Boehner is giving a press conference Monday to offer the House Republicans' plan to raise the debt ceiling and cut the federal budget deficit. Watch it live here: