Everyone in my twitter feed seems to be saying that there is no difference between the new debt hike bill Speaker John Boehner, R-Ohio, unveiled today and the Cut, Cap, and Balance Act that was passed earlier this month. This is wrong. There are two big differences between the two bills:
1) The Boehner bill would raise the debt limit before the August 2nd deadline without the need for a Balanced Budget Amendment to be passed first. Yes, a Balanced Budget Amendment would have to be passed for the second debt limit hike sometime in the spring, but a completely new deal could be worked out before then.
2) The Boehner bill does not require that the Balanced Budget Amendment sent to the states to trigger the second traunch have a two-thirds super-majority requirment for raising taxes. This makes the BBA much more likely to win Democrat votes.
The White House has been asking the Tea Party to compromise. The Boehner bill includes two big ones.