UPDATE II: The longer the Republi-CONs refuse to compromise, the bigger the debt. See the Washington Post, The incredible, shrinking debt deal in one graph, which shows:
UPDATE: "Over the last several weeks, leaders in Washington have proposed various plans to address the nation’s growing deficit as a condition of raising the debt ceiling by Aug. 2. [Review a] running comparison of some of the major proposals or ideas that have been released" at The New York Times, Comparing Deficit-Reduction Plans.
From the New York Times, A Debt Ceiling Cheat Sheet: 8 Possible Plans, which are nicknamed:
1. The Grand Bargain,
2. The Half-Bargain,
3. The House Cuts,
4. The White House Cuts,
5. The Stop-Gap,
6. The Balanced Budget Plan,
7. The McConnell Option, and
8. The Hybrid McConnell.
And as I've said before, there is the NoBullU solution for the federal deficit and debt is: restructure the federal government (to end Congressional free lunchism), reform the federal tax code (so that revenues pay for ALL government spending), and amend the Constitution to require a balanced federal budget (because Congress can't control its spending).
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