We are finally getting some details from the two parties about what they want to do on the debt limit, with just over a week to go until a debt limit deadline on August 2, as both sides said they had made some concessions in their latest plans.

Senate Democrats are offering a plan that reduces the deficit by $2.7 trillion, without making any changes to tax revenues or entitlement programs like Medicare and Social Security.

The Republican plan would include about $2.8 trillion in savings, but it comes in a two-step process, while Democrats want one bill to extend the debt limit until after the November 2012 elections.

While those two figures are about the same, there is one very large difference - the Democratic plan includes $1 trillion in savings based on the end of the wars in Iraq and Afghanistan.

Democrats scoffed at criticism over that, saying it was part of the Ryan budget that was already approved in the House.

The biggest compromise for Democrats was that this plan does not include any kind of new tax revenues.

"That was a very hard decision," said Sen. Charles Schumer (D-NY).

The House GOP plan would cut $1 trillion over ten years, and then add in another $1.8 trillion in budget savings from a special Congressional committee that would come up with more savings.

Let's take a look at the specifics provided by each party - first, from the Democrats:

Details Of The $2.7 Trillion Senate Democratic Package:

• $1.2 Trillion in Discretionary Spending Cuts. The $1.2 trillion in discretionary spending cuts include both defense and non-defense spending.  Before Speaker Boehner broke off talks with the White House on Friday, he had already agreed to $1.2 trillion in discretionary spending cuts.
• $100 Billion in Mandatory Savings. The proposal includes $100 billion in mandatory savings that were negotiated by Democrats and Republicans participating in the negotiations led by Vice President Biden. These savings will not impact Medicare, Medicaid, or Social Security benefits in any way.  The mandatory savings will include:
  • $40 billion in Program Integrity Savings. The proposal saves $40 billion by reducing fraud and abuse in mandatory programs. This includes: Continuing Disability Reviews and SSI redeterminations, Internal Revenue Service tax enforcement, health care fraud and abuse control, and Unemployment Insurance improper payment reviews.
  • $30 Billion In Fannie Mae/Freddie Mac Reforms.
  • $15 Billion In Spectrum Sales
  • $10 -15 Billion In Agricultural Reforms
  • Higher Education Program Reforms Whose Savings Go To Sustain The Pell Grant Program
• $1 Trillion in Savings From Winding Down the Wars in Iraq and Afghanistan. Winding down the wars in Iraq and Afghanistan will save $1 trillion. Paul Ryan’s budget also included this savings in its deficit reduction calculation, which was supported by 235 House Republicans and 40 Senate Republicans.
• $400 Billion in Interest Savings. The package includes $400 billion in interest savings, $220 billion from the discretionary spending cuts and $180 billion from winding down the wars in Iraq and Afghanistan. Both theRyan budget and the House Cut, Cap and Balance plan similarly included interest savings in their total calculation.
• Establishes Joint Congressional Committee to Find Future Savings. In addition to $2.7 trillion in concrete savings, the Senate package will establish a joint, bipartisan committee, made up of 12 members, to present options for future deficit reduction. The committee’s recommendations will be guaranteed an up-or-down Senate vote, without amendments, by the end of 2011.

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Next is the Republican plan, details provided by the Speaker's office:

• Cuts That Exceed The Debt Hike.  The framework would cut and cap discretionary spending immediately, saving $1.2 trillion over 10 years (subject to CBO confirmation), and raise the debt ceiling by less – up to $1 trillion.

• Caps To Control Future Spending.  The framework imposes caps on discretionary spending that would establish clear limits on future spending and serve as a barrier against government expansion while the economy grows.  Failure to remain below these caps will trigger automatic across-the-board cuts (otherwise known as sequestration). 

• Balanced Budget Amendment.  The framework advances the cause of the Balanced Budget Amendment by requiring the House and Senate to vote on the measure after October 1, 2011 but before the end of the year, allowing the American people time to build sufficient support for this popular reform. 

• Entitlement Reforms & Savings.  The framework creates a Joint Committee of Congress that is required to report legislation that would produce a proposal to reduce the deficit by at least $1.8 trillion over 10 years. Each Chamber would consider the proposal of the Joint Committee on an up-or-down basis without any amendments.  If the proposal is enacted, then the President would be authorized to request a debt limit increase of $1.6 trillion.