The McConnell Plan

by thoughtfulconservative

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.

via McConnell: Give Obama New Powers on Debt Limit.

You can find the details here.

Basically it

allows the president to demand up to $2.4 trillion in new borrowing authority by the summer of next year in three separate submissions.

House and Senate could disallow these requests in 15 days and the president could veto any “disallowals.”

The Heritage Foundation argues against it. The Wall Street Journal seems to like it. Zogby says voters will blame the president.

Republicans had already been called out by The Economist:

IN THREE weeks, if there is no political deal, the American government will go into default. Not, one must pray, on its sovereign debt. But the country will have to stop paying someone: perhaps pensioners, or government suppliers, or soldiers. That would be damaging enough at a time of economic fragility. And the longer such a default went on, the greater the risk of provoking a genuine bond crisis would become.

The Journal op/ed sees what’s happening:

Mr. Obama is trying to present Republicans with a Hobson’s choice: Either repudiate their campaign pledge by raising taxes, or take the blame for any economic turmoil and government shutdown as the U.S. nears a debt default. In the former case Mr. Obama takes the tax issue off the table and demoralizes the tea party for 2012, and in the latter he makes Republicans share the blame for 9.2% unemployment.

The McConnell Plan avoids both of these.

It may work…

4 Comments to “The McConnell Plan”

  1. The McConnell plan is the worst excuse for passing the buck I’ve seen in a long time. Essentially, Congress is punting and says that they refuse to make a deal, and so they will let the President do what “has to be done”, take all the blame for it, and take no responsibility for itself. I bet Congress will even muster the votes against some of the debt increases, forcing Obama to veto them.

    Congress has no right to do this. It is Congress’ job to pass law regarding things such as the debt ceiling. And yet, when it comes to anything other than light bulbs, Congress seems perfectly willing to pass laws which simply grant more and more unilateral authority to the President.

    We are truly turning the office of the President into an elected Emperor. It is wrong, and no plan which increases his authority in these sorts of ways should ever be encouraged by those who love Democracy.

  2. Also, his plan is completely unconstitutional. Congress is specifically granted authority to take on new debt in the Constitution. The Supreme Court has ruled (when it struck down the Line Item Veto Law) that Congress may not simply pass a bill which modifies a power specifically granted under the Constitution. That requires an amendment.

  3. Is the debt ceiling itself constitutional?

  4. I agree with Nick. Anytime Congress is in distress, they give more power to the President. Time to stop.

    TC, of course a debt ceiling is constitutional. Article 1 Section 8: Congress is permitted to borrow money and to regulate the value thereof. In a fiat currency system, regulating the borrowing of money and controlling its value is a responsibility of Congress by definition. (At least until they cede it all to the unitary executive…)

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