Boehner: I'll Lay Out My Plan Tomorrow

John Boehner was nice enough to wait until after the US markets closed on Friday to announce he was bailing on the latest debt ceiling talks. And now he's got some different markets to worry about—the ones in Asia. As a result, the House speaker promised today to unveil a new strategy by tomorrow afternoon to raise the ceiling and avoid default by Aug. 2, reports Politico.

Boehner announced the move today in a conference call to fellow Republican lawmakers, and the specifics of his plan are still being worked out. It could involve a short-term increase in the debt ceiling paired with spending cuts of equal or greater value, reports the Washington Post. "Don't worry, I'll be strong," he reportedly told colleagues. Boehner and other top lawmakers met for less than an hour today with President Obama. (More John Boehner stories.)