Reid: New Dem Deficit Plan Is Revenue Neutral

Senate Majority Leader Harry Reid (D-Nev.) released a statement late Sunday night pounding House Speaker John Boehner (R-Ohio) for pursuing a short-term debt limit increase. Reid called the plan a “non-starter” in the Senate, and said that he is working on a counter-proposal that he believes Republicans will go for.

Here’s the full statement:

“Tonight, talks broke down over Republicans’ continued insistence on a short-term raise of the debt ceiling, which is something that President Obama, Leader Pelosi and I have been clear we would not support. A short-term extension would not provide the certainty the markets are looking for, and risks many of the same dire economic consequences that would be triggered by default itself. Speaker Boehner’s plan, no matter how he tries to dress it up, is simply a short-term plan, and is therefore a non-starter in the Senate and with the President.”

“In an effort to reach a bipartisan compromise, we are putting together a $2.7 trillion deficit reduction package that meets Republicans’ two major criteria: it will include enough spending cuts to meet or exceed the amount of a debt ceiling raise through the end of 2012, and it will not include revenues. We hope Speaker Boehner will abandon his ‘my way or the highway’ approach, and join us in forging a bipartisan compromise along these lines.”