Harry Reid's debt limit plan was shot down in the House today by a vote of 246 to 173. During a press conference this afternoon, both Senate minority leader Mitch McConnell and House speaker John Boehner said they were "confident" that a deal would be reached soon. McConnell said he spoke with President Obama earlier today.

"We could have had this bill finished early last week," said Boehner. "There was a bipartisan agreement between myself and the Senate leaders to move the underlying bill that we moved through the House yesterday. And if the president, all he had to do was say yes and that bill would have moved quickly through both the House and the Senate."

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