It's been announced House Speaker John Boehner's budget deficit plan won't be voted on by Congress on Wednesday, The New York Times reports. Boehner's bill has already lost the confidence of his fellow GOP congressmen. President Obama also issued a memo saying he would veto the bill if it reached his desk. The Congressional Budget Office released a statement Tuesday saying Boehner's bill actually only decreases the deficit by about $850 billion over 10 years, instead of the $1.2 trillion as originally advertised. House GOP leaders are being left with few options:

Republican leaders said they would probably rework the bill reflecting the decreased savings by only raising the debt limit by less than $850 billion; the change would mean that the Obama administration would need to make another request for an increase in a matter of months, making the deal even less palatable to Democrats.

Brian Beutler at Talking Points Memo is reporting that Boehner is spending his Tuesday evening rewriting the bill. Increasing the spending cuts in the bill to the $1.2 trillion benchmark is another option being looked at. In terms of which direction Republicans will go, Beutler offered no clear path:

It's still unclear whether Republicans will adjust the bill by including deeper spending cuts, by reducing the amount of borrowing it authorizes, or both. Their goal is to cut projected spending by at least $1 trillion in the next ten years, and to authorize no more new borrowing authority than they can achieve in savings. As currently written, the legislation falls short of both goals.

Luke Russert of NBC News tweeted that of the two options, "legislatively it's easier to lower the amount the debt limit can be raised than finding more to cut." Politico reports that Senate minority leader Mitch McConnell is already conceding defeat on Boehner's bill. He wants both parties to "get back together" and try and hammer out a deal, even if the deal is "less than perfect, because perfect is not achievable." McConnell has been working with Boehner in "drafting and pressing for action on the House bill." 

If the GOP can get Boehner's bill through the House, the Democrats are prepared to make sure it meets its fiery death there. "Speaker Boehner’s plan is not a compromise," Senate majority leader Harry Reid told reporters after meeting with other Democrats, according to The Times. Reid, of course, is behind the Senate Democrat's debt plan. Boehner's plan "was written for the Tea Party and not the American people." He then repeated "Democrats will not vote for it" three times to drive the point home. "It’s dead on arrival in the Senate, if they get it out of the House.”