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.
You can find the details here.
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.”
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…