ceiling. harry reid's plan calling for what he says would be $2.7 trillion in cuts with no sbilment or tax changes. the house speaker john boehner's plan would require two separate votes. one this year, one next year to raise the debt ceiling. something democrats including the president have flatly rejected. we're monitoring all angles of this dramatic story. let's to go capitol hill first where our congressional correspondent kate baldwin is standing by. set the scene. what's the very latest? >> reporter: fascinating developments. the top republican in the house, the top democrat in the senate unveiling dueling plans. what they think will be a solution to this debt ceiling crisis. pretty much within a half-hour of each other and this is what it boils down to. in order to raise the debt ceiling, house speaker john boehner's plan calls for two votes. first a vote on $1.2 trillion in cuts that would raise the debt ceiling through early next year. and then a second vote on $1.8