Wednesday, July 13, 2011

Raising the Debt Ceiling: Mitch McConnell's Plan

WASHINGTON - DECEMBER 16:  Senate Minority Lea...Image by Getty Images via @daylife
Yesterday Senate Minority Leader Mitch McConnell offered a new plan for dealing with the debt ceiling.

What kind of solution can we expect from this Republican "leader" whose stated goal is making Barack Obama a one term president?

For those who have not had time to untangle it, here is what Sen. McConnell is proposing as explained by Bill Egnor , FireDogLake. Over the next two years the president can raise the debt ceiling on his own but he has to see if Congress likes it or not.

He would propose that he is going to raise the debt ceiling, by 700 billion dollars. He would be required to propose cuts which would happen if Congress disapproved of the increase. Then the Congress would vote on a non-binding resolution approving or disapproving of his doing so.
If they vote to disapprove, then the president could veto that resolution of disapproval. Then it would bounce back to the Congress who could try to override the veto, and in theory, require that the president enact his cuts.

What would actually be required it legislation that would have a 2/3 majority in both Houses of Congress detailing the cuts and raising the debt ceiling. To give this gymkhana time to play out, the instant the president notifies Congress of his intent to raise the debt ceiling, it would automatically increase by 100 billion.

So, that is what is being proposed, the question remains is it a capitulation or evil genius?
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