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Politics : Formerly About Advanced Micro Devices

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To: Alighieri who wrote (619055)	7/12/2011 3:58:43 PM
From: tejek	Read Replies (1) of 1580419

McConnell fall-back plan leaves debt ceiling hike to Obama By Alexander Bolton Senate Republican Leader Mitch McConnell (R-Ky.) on Tuesday laid out a plan that puts the responsibility for increasing the debt limit squarely on President Obama. McConnell has called for Congress to pass legislation authorizing Obama to make successive requests to increase the debt limit. Under the legislation, Congress could only block those requests by passing resolutions of disapproval, which would have to be supported by two-thirds of both the Senate and House to overcome an expected presidential veto. McConnell described his proposal as a “last choice option” to avoid a national default if Congress fails to otherwise agree to a compromise to raise the debt limit by Aug. 2, when the Treasury Department has warned it will run out of money to pay U.S. debts. It would send a clear signal to the markets and the public that the nation will not default on its debt, which would boost interest rates and make mortgages, auto loans, credit cards and student loans more expensive. It would also benefit Republicans politically by placing the responsibility for raising the debt limit almost entirely with Obama. The plan would allow Republicans in the Senate and House to vote en masse against raising the debt limit without causing a national economic catastrophe. When asked if House Speaker John Boehner (R-Ohio) had okayed the Senate GOP’s fall-back plan, McConnell told reporters Tuesday that he has had conversations with “others” about the subject. Administration officials estimate they’ll need to raise the debt limit by $2.4 trillion to take them into the late winter or spring of 2013, when Republicans may control both chambers of Congress and perhaps the White House if Obama loses re-election. The legislation McConnell has proposed would require the president to make three requests to raise the debt limit by approximately $700 billion to $900 billion in three separate tranches between now and Election Day 2012. The legislation would also require Obama to suggest spending cuts to accompany those increases in the debt limit, but would not require such cuts. The legislation would prohibit Obama from recommending tax increases along with the requests to increase the debt limit. Senate Majority Leader Harry Reid (D-Nev.) said Tuesday he was willing to examine and consider the new proposal. "I am not about to trash his proposal," Reid said at press conference held shortly after McConnell presented his plan. "It's something that I will look at. I will look at it intently and I think any new ideas I am willing to look at." Senate Republican Conference Chairman Lamar Alexander (R-Tenn.) said he had “no idea” whether the proposal could pass the House. House Majority Leader Eric Cantor (R-Va.) told reporters that he has talked to McConnell but has not seen specific details of the plan. McConnell presented his proposal to colleagues at a lunch meeting Tuesday afternoon. Members of the Senate Tea Party Caucus left the meeting early and declined to comment on McConnell’s plan. Sen. Rand Paul (R-Ky.) said he preferred to focus on what he supports, namely the “cut, cap and balance” plan that would require Congress to pass a balanced budget amendment before approving an increase in the debt limit. thehill.com

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