But Thune says he agrees with Boehner and says the time to act is now.

Thune says, "I think what we need to do right now is to make sure we avert a crisis by raising the debt limit before next week, but to do it in a way that addresses the real issue, as I said, which is the debt. And that means getting spending reduction in place, get spending reforms in place, setting up an opportunity to vote on a balanced budget amendment, which would occur under the Boehner plan sometime between October and the end of this year."

Boehner's proposal is being reworked after budget analysts found that it would cut about $850 billion over ten years instead of the $1.2 trillion he estimated.Both parties have until Aug. 2 to resolve the issue.

Jim Peterson