(Image source: The New York Times)

BY JUSTIN WHALEY

ANCHOR CHRISTINA HARTMAN

You're watching multisource political video news analysis from Newsy. 

It’s a rush to meet an August 2nd deadline.

House Speaker John Boehner is rewriting his debt bill - to raise the debt ceiling and cut government spending.

That -- after the original bill got slammed by both Democrats and Republicans.

CNN reports:

“Here’s why it’s such a big problem. Because of Speaker Boehner, he said there was one major principle you remember, Jessica, as they move forward to raise the debt ceiling, that the amount of cuts be greater than the amount they raise the debt ceiling. In this legislation right now, it calls for raising the debt ceiling by 900 billion dollars. 850 is less than 900. That’s a problem.”

Boehner is having a hard enough time getting his rank-and-file to agree on to a deal, let alone the Democrats. Some wonder -- if the GOP as a whole has lost its leverage against President Obama. A writer for NBC’s First Read asks:

“...now that Boehner has to go back to the drawing board to fix his legislation, is it harder for him to argue that Reid and the Dems will accept it? And does Boehner ‘fix’ the bill so much in order to get the votes that it becomes even less credible as a compromise vehicle?”

But the GOP lined up to defend the Speaker’s plans -- and say -- it can still get through Congress. In an interview with The Early Show, Republican Presidential Candidate Jon Huntsman says -- there aren’t many other options.

“It’s the only act in town. We’ve got to remember that we’re still 25% of the world’s GDP. We’re still the country that everyone looks to for leadership and financial leadership. We’ve got to find a solution here, and I think Speaker Boehner’s solution is right on.”

Slate is also optimistic about Boehner’s plan, given the delayed voting schedule.  

“The vote will be Thursday, which will give Boehner more time to round up votes. He started the round-up with a statement promising ‘no more smoke-and-mirrors, no more ‘phantom cuts,’ which is what conservatives were afraid they were getting, like they got with the CR. If this moves even three votes, it might be enough.”

The House was scheduled to vote on the bill Wednesday, but that vote was delayed to Thursday following release of the Congressional Budget Office report and political opposition to the bill.