House vote on Republican debt plan set for Thursday

Washington (CNN) - Competing Democratic and Republican plans to reduce federal deficits and raise the debt ceiling were subjected to a fresh round of criticism Wednesday, as signs of disarray emerged in a House Republican caucus split between unhappy conservatives and a leadership struggling to maintain party unity.

"Get your ass in line," House Speaker John Boehner told his fellow Republicans in the face of divisive infighting over his latest proposal, two GOP sources who attended a Wednesday morning meeting told CNN on condition of not being identified.

The House scheduled a vote on the plan for Thursday in what will be a major test for whether the GOP caucus can push through the Boehner measure in the face of an expected unified Democratic opposition. Republicans hold 240 of the 433 votes to be cast and need 217 of their members to support the plan for it to pass. Two House seats are currently vacant.

Meanwhile, the nonpartisan Congressional Budget Office said that revisions to Boehner's plan would bring a total of $915 billion in savings over 10 years, an increase of about $65 billion over the initial version. With the revisions, Boehner's proposal - which calls for an immediate $900 billion increase in the debt ceiling - now meets his pledge to match any debt ceiling hike with dollar-for-dollar spending cuts.

However, a letter Wednesday from Senate Democrats said the Republican plan has no chance of passing the Senate. For their part, top Republicans called the Democratic plan a nonstarter.

As the politicians bickered, the clock continued to tick down. If Congress fails to raise the current $14.3 trillion debt limit by August 2, Americans could face rising interest rates and a declining dollar, among other problems.

As the cost of borrowing rises, individual mortgages, car loans and student loans could become significantly more expensive. Some financial analysts have warned of a potential stock market crash and a downgrade of America's triple-A credit rating.

Without an increase in the debt limit, the federal government will not be able to pay all of its bills next month. President Barack Obama recently indicated he can't guarantee Social Security checks will be mailed out on time.

With no deal in sight and six days before potential default, the Dow Jones Industrial average fell 198 points on Wednesday.

Updated: 9:20 pm