Skip to comments.New backup plan would let Obama raise debt ceiling without congressional OK
Posted on 07/14/2011 6:33:51 PM PDT by SeekAndFind
A plan by the Senate's two top leaders to allow President Obama to raise the debt limit without congressional approval is emerging as the most likely strategy to avoid a looming federal default.
The plan being drafted by Senate Minority Leader Mitch McConnell of Kentucky and Majority Leader Harry Reid of Nevada would lock in roughly $1.5 trillion in deficit reduction over the next ten years a figure considerably smaller than Republican leaders or President Obama had been seeking. Administration officials have said they still would prefer a more sweeping deal on the deficit, but they signaled the idea would be acceptable to Obama.
Conservatives, particularly in the House, seem likely to oppose it. But with efforts to deliver a larger deficit-reduction deal still stalemated, the new plan, which builds on a proposal put forward earlier in the week by McConnell, could provide a way out of a dead end that has become politically and economically perilous.
House Speaker John Boehner (R-Ohio) indicated such "last-ditch" efforts may become more palatable in the time ahead.
(Excerpt) Read more at chicagotribune.com ...
Well, what could go wrong with that?
All Hail King Urkel!
The House should not cave or trouble will ensue.
Would you buy a used car from Stinky Reid?
This travesty will NEVER “become more palatable, with time”, to people who understand what it says.
Here it comes. Obama raises debt ceiling. A couple of changes in regulation, some MSM bull crap and all of a sudden companies start hiring again.
Unemployment rate drops, Obama looks like a god and gets 4 more years.
Thank you GOP.
Where does the man get such authority?
The lunatics are really running the asylum. Wake up, America.
Not just no, HELL NO!
After the house rips this proposal to shreds, the senate republicans need to fire McConnell immediately.
This is totally asinine!
What is McConnell trying to do??? split the party BEFORE the debt ceiling is raised???
Is that the real “Backup plan”????
Anybody know when McConnell is up for re-election?
Replace all of congress. All Barack needs is 1 man/women with a rubber stamp.
It will also assure that Sarah Palin will announce her candidacy.
These are the politics of an Obama created false crisis. It is one false crisis too many, meant to secure Obama's dictatorial liberal fascist power, a complete unconstitutional end run around Congress and the people.
Obama has become impeachable.
Congress is about to make Obama a dictator.
Funny when this was first posted a day or two ago Freepers were tripping all over themselves howling it wasn’t true simply because Politico broke the story, now it turns out it is true...
Wake up folks the Repubs are just as much the problem as the RATs!!!!!
total abdication of Congressional responsibility
The House passed a budget already. I would bet that budget has a deficit. If it has a deficit, then that would imply that the Sec of Treasury has authority to borrow the money to cover that deficit, debt limit or no.
The House would pass it. There are only 80 or so “TEA partiers” out of 435 seats.
They will cave...they are fools going up there... should have passed a bill..if the senate vetoed it you have a marker...now your marker is OBAMA got everything and we get nothing...three fools trying to make a deal...I’m never giving another dime to the GOP..Let the country go broke..Obama played the Gop for fools...if they let it go passed the dead line..the Rats will say this caused the economy to slow down..Send the senate a bill you fools.
I’m going to have a few Moose Drool BEERS>> GOP SUCKS
Maybe some of this
1 1/2 oz tequila
1/2 oz triple sec
dash of lemon or lime juice
3 oz sour mix
lime wedge for garnish
salt or sugar to rim the glass (optional)
This is not ‘allowing’ him to raise the debt limit- it is raising the debt limit, period.
The Constitution would have to be amended to allow the president to sell debt on his own.
So it’s a lie, all a lie.
From weak-willed wimps incapable of exercising the appointed responsibility: to protect and defend the Constitution.
Men who will not confront evil will be consumed by evil.
Statesmen don't contrive cheap little political tricks that allow them to escape blame and responsibility. Politicians do.
Third party here we come.
Good bye Mitch. Good by John.
O wins in ‘12 and we go broke. Nice move assholes.
Our country is insolvent and it cannot be pushed into the future. WE ARE BROKE NOW!
We cannot be saved by these bastards in Washington.
This country cannot be saved by the political class. They are the ones who brought to this ruin.
You missed all of yesterday’s discussions. You should go back and read through them.
They better not vote for this if they plan to be in office next time they run for election.
$6 Trillion in debt added since 2006 qualify as a generated crisis?
>>> You missed all of yesterdays discussions. You should go back and read through them.
No I didn’t. What’s your point?
How 'bout you give us the Cliff's Notes?
Thanks. No wonder he is pulling this kind of stunt. They know that by re-election time folks will forget most of this.
It’s got to pass the House....it ain’t goin’ happen...
No, I don't think so. This is like the obamacare vote. It will live on.
>>> The House would pass it. There are only 80 or so TEA partiers out of 435 seats.
Total insanity... Absolutely NO WAY.
If they do, our republic is OVER.
The chicken sh** SOBs are going to cave. This is such BS. Boner and McConnell are such cowards. They don’t even believe their own BS about how great this plan is. Why not just raise the debt ceiling and give him the taxes, at least that way it would be constitutionally done instead of this illegal BS of giving the President this much power.
That is one of the worst gutless ideas in the history of RINO losers who will never again get my vote for anything.
DAMN DAMN DAMN!
Obamacare wasn’t doing a good enough job at bankrupting us?
So much for republican party. Tea Party gets my money and my time now... unless they can show me how 1.5 trillion over ten years [that’s 150 billion per year] is actually going to do anything. It won’t happen anyway.
I hope so.
Wishful thinking. Republicans have already folded with the threat of a government shutdown, and they got all the freshman votes they needed in the house for that to pass. It will pass, even if Boehner has to force members of his party to vote for it. Others will be let off the hook once they figure out that they have the votes required to pass it. Depressing. At this point, I seriously doubt that any Republican who succeeds in deposing Obama will address spending seriously either. We’re being used.
He's just a cheap politician. And a cowardly one to boot.
McConnell is angling for retirement before his term expires.
Any Republican that votes for this must be eliminated from the party forever.
I couldn’t get through to McConnell’s DC office, so here are a couple of his KY Office numbers. I just left a scathing message. I encourage you folks to take a quick second and make your sentiments known to this fool!
601 W. Broadway
Louisville, KY 40202
Phone: (502) 582-6304
771 Corporate Drive
Lexington, KY 40503
Phone: (859) 224-8286
Yes, the government has enough monthly revenue to service all monthly debts. It does not have enough monthly revenue to finance Obama’s programs needed for his re-election.
It is a false crisis.Cut the socialist programs Obama has, such as 8 billion to Acorn, and there is no crisis at all.
Obama is essentially borrowing all that money to be re-elected. It is doomed to failure and he will take the country down with him in his own ruination.Its all about Obama, not about the country.
And it will spell the utter end of the GOP. There is an upside.The Tea Party will replace the GOP if the debt ceiling is raised according to the supposed “ McConnell plan,”an end run around Congress and the people.It will also assure that Palin will declare her candidacy.And she will win.
The McConnell Plan will not require it to pass the House , thats the point.
I’m a little confused. O bummer says he can’t guarantee that Soc Sec. cheks will go out on 8/3, right? Yet he always refers to it as the Soc. Sec Trust fund in a “lockbox”.This lock box is good through 2035. So if the money isn’t in a lock box are you saying Soc Sec. is already bankrupt???? Nah, couldn’t be/s.
McConnell, you should be ashamed of yourself you weasel.