News Alert: Boehner Unveils Plan to Raise Debt Ceiling $10 at a Time

WASHINGTON (GB) - Responding to opposition to his latest plan from Tea Party Republicans, House Speaker John Boehner (R-OH) announced a new proposal today to raise the debt ceiling in ten-dollar increments.

"Here's how it works," Boehner said at a Capitol Hill press conference this morning. "If President Obama sends us one billion dollars in spending cuts before midnight, we will raise the debt ceiling by ten dollars. Tomorrow, if he sends us another billion in cuts, we raise it another ten dollars, and so on."

"But here's the thing," Boehner added, looking stern. "If he fails to deliver those billion dollars in cuts to Capitol Hill by midnight, we lower the debt ceiling by a trillion dollars."

Boehner added that the plan has additional incentives for the President. "If he agrees to repeal ObamaCare, we raise the ceiling ten more dollars. Get rid of Dodd-Frank? Ten bucks. Admit he was born in Kenya? Another Hamilton for him."

"However," Boehner added, "if he so much as mentions the word 'tax,' we're lowering the ceiling by a trillion. If he says 'compromise,' that's two trillion off the top."

When asked how long it would take under the plan to lift the debt ceiling to a level that would calm the markets and reassure the credit agencies, aides to the Speaker said it should take approximately 56,894 years.

White House officials said they were reviewing the plan.

However, several Tea Party members said they will oppose the plan, mainly because it acknowledges that Barack Obama is President.