Just as predicted here comes Boner to save the day...

WASHINGTON (AP) - Scrambling to head off disaster, House Speaker John Boehner on Sunday readied a plan to prevent the first government default in U.S. history and said Republicans would act alone if Democrats didn't go along. The White House said President Barack Obama would veto a plan that failed to extend the nation's borrowing power into 2013 as time for action drew dangerously close. On a day of deepening tension, Boehner hoped to outline at least a framework of a deal by 4 p.m. EDT that could get through a divided Congress and avert panic before Asian financial markets opened hours later. The government is on pace to run out of money to pay its bills unless the debt cap is raised by Aug. 2.

Boehner's plan, still under negotiation on Capitol Hill, would likely cut spending by at least $1 trillion and extend the federal borrowing limit by a slightly smaller dollar amount, into 2012. That's intended to get the nation beyond this crisis and snag enough votes from House Republicans who won't raise the debt limit without spending cuts, too.

"I would prefer to have a bipartisan approach to solve this problem. If that is not possible, I and my Republican colleagues in the House are prepared to move on our own," said Boehner, R-Ohio.

Deeper and more complex reductions in the nation's deficits would be part of the deal, but under later timelines.