Washington (CNN) -- Here it is -- a cheat sheet to the talks over the national debt. These are the plans on the table, simplified and put in terms a human being can understand:
Key figures
• $14.29 trillion -- current debt limit. That's also nearly the value of the European Union's gross domestic product -- or everything produced in the EU -- last year.
• August 2 -- the date when the federal government is forecast to hit the debt limit and see all new loans cut off. Falls during "Simplify Your Life Week." Really.
• $2.4 trillion -- the increase to the debt limit officials think is needed to get the government through November 2012.
• $4 trillion -- the amount of deficit reduction in a longer, broader, "grand compromise" idea.
Plans in the discussion
From smallest to largest:
1. The "fallback": The McConnell and McConnell/Reid plans
Harry Reid, left, and Mitch McConnell
These plans are built in case Congress and the White House cannot reach a specific deal on raising the debt ceiling. In theory, they include relatively simple legislation and could lead to an increase in the debt ceiling in a matter of days.
Specifically, Senate Minority Leader Mitch McConnell, R-Kentucky, proposes a shift in how government raises debt ceilings, resting the decision and power more with the White House. McConnell's plan would allow the debt ceiling to go up if a) the president requests a specific increase, b) the president submits proposed budget cuts in an amount greater than the debt ceiling increase and c) if two-thirds of Congress does not vote against it (if one-third supports the debt ceiling increase).
The mechanisms for that plan are complex, but just believe us that those are the bottom lines.
Senate Majority Leader Harry Reid, D-Nevada, is working with McConnell to add more components to this plan.
The two leaders are considering an attachment of $1 trillion to $1.5 trillion in spending cuts. And they are talking about a commission or group that would propose spending cuts and possibly wider reform. This plan is fluid, but right now the idea is to create something similar to the Defense Base Closure and Realignment Commission, guaranteeing the commission's recommendation a straight up-or-down vote in each chamber of Congress. That group could speed up the process to cut spending.
Supporters: This "fallback" could save the U.S. from hitting an unprecedented financial wall. It also takes the politics out of debt ceiling debates.
Opponents: The McConnell plan requires no spending cuts or change in fiscal policy. It demands only proposals, which Congress may or may not pass. Even if the McConnell/Reid spending cuts are included, this idea makes few or no difficult fiscal decisions.
Odds: Increasing rapidly.
2. The 'kick the can' short-term deal
This proposal could take many forms but would raise the debt ceiling for a matter of weeks or a few months, with offsetting spending cuts and/or revenue changes.
It may be as much as $1.5 trillion or as little as a few hundred billion.
President Barack Obama has repeatedly said he will not sign such a deal. But in White House talks Wednesday, House Majority Whip Eric Cantor, R-Virginia, suggested looking at a short-term bill, famously leading to a pronounced pushback and a musical flourish, Jed Bartlet-style moment. "This could bring my presidency down," Obama said, according to Republicans, "but I will not yield." Both sides agree he ended the meeting at that point.
Supporters: The two sides cannot agree, and this deal is the best they can do.
Opponents: It's putting off the tough decisions and barely scratches the surface of the problem.
Odds: Very unlikely. Cantor told reporters that Obama said he would not relent, even if it risked his presidency.
3. The 'just get to 2012' middle-term deal
This kind of compromise would raise the debt ceiling about $2.4 trillion, giving the government enough funding power to get through next year's elections.
The president insists this time frame is a minimum for any debt ceiling compromise. But thus far, Republicans and Democrats have not been able to agree on any way to offset the $2.4 trillion. Republicans demand this plan be offset with spending cuts and that it include no revenue increases. Democrats say it's not fair, nor mathematically realistic, to get all the money for deficit reduction from program cuts.
It is not clear if such a deal would include a significant entitlement overhaul but probably not.
Supporters: This is a down payment on the debt problem. It is a first, small bite toward reducing deficits. And it is politically easier (on all sides) than a longer term fix.
Opponents: Whimps! Incompetent procrastinators! This is a long-term crisis, and lawmakers must start coming up with long-term solutions.
Odds: At the moment, more likely than the next one.
4. The 'grand compromise' long-term deal
This deal would be the most sweeping and would take a significant bite out of the deficit colossus. A plan in this realm would reduce the deficit over the next 10 or 12 years by roughly $4 trillion (though, it does not solve the entire problem).
This compromise would likely include major reform of Medicare, possibly Social Security reform and a potentially sweeping overhaul of the U.S. tax system.
It could mean: changing retirement ages as well as how much seniors pay on Medicare and simplifying taxes so there are fewer deductions but also fewer, lower tax rates.
Obama continues to urge lawmakers on both sides to forge such a deal.
But the politics are the stuff of the "Divine Comedy." The second book.
All sides are warm to broad tax reform. But Democrats sharply oppose anything resembling benefit cuts to Medicare or Social Security. Republicans likewise are fierce in rejection of any net increase in revenue, which seems to be part of the Democratic offer on tax reform.
Supporters: This is why we sent members to Congress, to make difficult political decisions that may be tough for them but that are good for the country in the long run. Our debt crisis won't be solved with lollipops and starlight. It will hurt, but lawmakers need to pull the trigger.
Opponents: No such deal could get the votes to pass. Republicans will block any perceived tax increases and Democrats will stand against benefit cuts to Medicare. It's simply impossible.
Odds: It's not dead. Those rooting for it, see a path toward a late breakthrough. Others say "no way."
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