 Two rival plans were then prepared by the Senate Democrats and House Republicans . The Democratic plan would immediately raise the debt limit by $ 2 @.@ 7 trillion , enough to last beyond the 2012 elections , and would decrease spending by $ 900 billion over ten years . The Republican plan would cut a total of $ 850 billion over ten years , and would raise the debt limit in two stages : by $ 1 trillion immediately , enough to last until early 2012 , and then would form a bipartisan committee to recommend the second half of the budget cuts , which upon being passed by Congress would increase the debt limit by another $ 1 @.@ 6 trillion . Neither plan included revenue increases or cuts to entitlement programs . The vote on the Republican plan was delayed several times as more conservative members of the caucus refused to support it . After being altered to again require passage of a Balanced Budget Amendment before the second stage of debt limit increases , it passed the House 218 – 210 , with 22 Republicans opposing the bill . It was defeated in the Senate two hours later by a vote of 59 – 41 , as the Democratic plan was prepared to be taken up there . 
