WonkRoom provides a chart showing how the Obama plan differs from the House and Senate bills. Keith Hennessey studies the plan:

Somebody in the Administration put a lot of work into this proposal.  It is extremely detailed, and it reads like a best effort to find a fair middle ground between two warring legislative bodies.  All that substantive work is subsumed by the apparent lack of strategic coordination and substantive agreement with Members of his own party.  The President’s staff appear to be trying to set up the Blair House meeting as a partisan debate, but Democrats are not yet unified.  Maybe the pressure of the Blair House meeting will bring Democrats together on substance?

I will believe that a reconciliation push is going to happen only when (a) Pelosi and Reid both definitively say that it will, (b) they announce agreement on a substantive proposal, and (c) a House floor vote has been scheduled.  Until then it’s just bluster.  For now I continue to believe there’s a 90% chance of no law.

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