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Replies to Msg. #636910
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 Msg. #  Subject Posted by    Board    Date   
30686 Re: McConnell proposes giving Obama debt ceiling power
   clo [b]McConnell proposes giving Obama debt ceiling power [/b] ...... 		ribit   FFFT   14 Jul 2011
 2:34 AM
30644 Re: McConnell proposes giving Obama debt ceiling power
   The only reason they are doing this is to avoid the backlash from the... 		zzstar   FFFT   13 Jul 2011
 2:26 AM
30640 Re: McConnell proposes giving Obama debt ceiling power
   Clo, I don't see how this is any different than the so-called '14th... 		oldCADuser   FFFT   13 Jul 2011
 1:08 AM

The above list shows replies to the following message:

McConnell proposes giving Obama debt ceiling power

By: clo in FFFT
Wed, 13 Jul 11 12:05 AM
Msg. 30639 of 65535
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I'm hearing protests on the republican side already, according to a fellow on MSNBC. clo

McConnell proposes giving Obama debt ceiling power

Increase would take effect unless House, Senate enact legislation disapproving it

WASHINGTON — The top Republican in the Senate proposed on Tuesday giving President Barack Obama sweeping new power to, in effect, unilaterally increase the nation's debt limit to avoid a first-ever default on U.S. obligations.

The new mechanism would take the place of the current White House debt negotiations among congressional leaders and Obama. Those talks over spending cuts and tax increases have grown increasingly acrimonious.

Minority Leader Mitch McConnell, R-Ky., offered a new plan to allow the president to demand up to $2.4 trillion in new borrowing authority by the summer of next year in three separate submissions.

Those increases in the so-called debt limit would automatically take effect unless both the Republican-controlled House and the Democratic Senate enact legislation specifically disapproving it.


First Thoughts: Total stalemate
Obama would be able to veto such legislation. McConnell said he reluctantly offered the unusual proposal because it has become clear the negotiations with Obama are not going anywhere.

The Republican plan would require that Obama submit spending cuts along with his borrowing requests. But unlike the increase in the debt limit, they wouldn't automatically take effect.

Senate Majority Leader Harry Reid, D-Nev., said he had spoken briefly to McConnell about the idea and said he would consider it.

The sweeping new power would only be in effect through the remainder of Obama's term, which ends January 2013.

McConnell's plan would permit an immediate increase in the debt limit of $100 billion while Congress debates whether to disapprove of it.

http://www.msnbc.msn.com/id/43725919/ns/politics-capitol_hill/


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