House Speaker John Boehner held a conference call this afternoon with
his rank and file members and told them he wanted a deal on raising the natin's $14.3 trillion debt ceiling by 2 p.m. Sunday in order to avoid rattling the Asian Markets, those familiar with the call said.
Boehner told members he is aiming for a deal that encompasses the framework of the GOP's "cut, cap and balance" plan to cap spending, cut the budget by $111 billion and pass a balanced budget amendment.
Democrats and Republicans are at odds over an agreement to rein in the natin's debt in exchange for raising the debt ceiling by a fast-approaching Aug. 2 deadline.
During the call, Boehner said neither side is close to a deal yet, but that they had to come up with something soon, or the party would lose leverage after August 2, "and it would be a disaster for the country," said those familiar with the call.
Boehner told members they may not be able to give them every detail of a deal before announcing one publicly, but that his goal is to give them some kind of advance notice.
He told the GOP not to worry that he would cave in to Democratic demands.