New backup plan would let Obama raise debt ceiling without congressional OK

Chicago Tribune ^ | 07/14/2011 | Lisa Mascaro

[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.

[Moorings]

Thanks.

[yup2394871293]

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.

[okie01]

And ol' Mitch just proved he ain't no statesman.

He's just a cheap politician. And a cowardly one to boot.

[Iron Munro]

McConnell is angling for retirement before his term expires.

[Mariner]

Any Republican that votes for this must be eliminated from the party forever.

[Artcore]

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!

Louisville Office

601 W. Broadway
Room 630
Louisville, KY 40202
Phone: (502) 582-6304
_________________________

Lexington Office

771 Corporate Drive
Suite 108
Lexington, KY 40503
Phone: (859) 224-8286

[Candor7]

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.

[bwc2221]

Giving Obama permission to raise taxes without Congressional approval is like giving a drunk the key to the liquor cabinet.

[Candor7]

The McConnell Plan will not require it to pass the House , thats the point.

[Phinanceguy]

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.

[Phinanceguy]

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.

[mighty atlas]

If the Ryan budget which passed the House passed the Senate and was signed by Obama(neither of which will happen) it would go over the debt limit, too and require an increase in the debt limit. There is going to be an increase in the debt limit we just don’t know the terms of it yet. Both Boehner and McConnell have publicly said so.

[Phinanceguy]

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.

[Principled]

No, the plan has to pass both houses and be signed... like a regular piece of shi... legislation.

Said piece would allow dictator to increase the debt ceiling.

How much I dunno.

But i do know this sux bad. Third party is in.

[Jane Long]

Mrs. Beasley is just happy to stay the minority party and enjoy him some perks.

[WOSG]

“What is McConnell trying to do??? split the party BEFORE the debt ceiling is raised???”

In the game of chicken that the debt ceiling negotiation, McConnell blinked.

- The debt ceiling is an artificial construction in addition to budgeting, but it is there
- the conservative / Tea Party folks decided to make a stand, but saying ‘no increase’ is a non-solution, as that implies default
- ratings agencies will cut ratings even if there is no actual default
- the GOP only holds the House so ...
- real spending cuts will not pass the Senate under Harry Reid
- A BBA will not pass, it will not get the 2/3rds votes
- Future cuts is BS, only near-term cuts count
- this is a battle royal for the long-term, but we dont have the leverage to force conservative policies on the Senate or WH only stalemate.
- if no deal, then its bad for the country and for the GOP

So ... UNLESS you can get the Democrats to agree to a spending-cuts-only deal, and McConnell realized that the ‘best deal’ possible with Dems wasnt that great anyway (in other words, could it even pass the House?) there is NO path to a real agreement. McConnell is unwilling to go the no deal route.

So McConnell blinked and proposed a cockamamie plan B that punts to Obama on the decisions.

He is not wholly to blame. House “tea party” Reps who say “no debt ceiling increase at all” like Michelle Bachmann are actually part of the problem , as they leave Boehner no room to work with. Boehner cant fight for a better deal, if that ‘better deal’ doesnt get any more votes.

It would have been FAR BETTER to hold to a unified position. I am saddened the GOP didnt do this better. April - strike 1; July - strike 2; what about october and FY 2012? Strike 3??

So we get ‘no deal’ which does NOT mean smaller Government ... it means a crisis that gives Obama more power. THAT is the part the Tea Party needs to understand.

[stephenjohnbanker]

” Where does the man get such authority? “

Has the law ever stopped the Child Marxist?

Not in Chicago, and not in D.C. either.

[Mariner]

"From weak-willed wimps incapable of exercising the appointed responsibility: to protect and defend the Constitution. "

I expect a major speech or other high profile announcement from Palin before this gets passed.

She will EXCORIATE the GOP and throw down the gauntlet.

I would not be surprised if she announced that if they move forward on this plan, she will lead a third party challenge in the POTUS race and barnstorm the country for that same 3rd party...advocating for those who challenge the GOP candidate.

And while we may not win it all this time, we will have killed the corrupt GOP.

And, let there be no doubt: They are corrupt to the core.

[M Kehoe]

Conservatives, particularly in the House, seem likely to oppose it.

"Seem" should be "are." Otherwise, it's 'Houston we have a problem.'

5.56mm

[niteowl77]

And it will spell the utter end of the GOP.

Something more deserved now than when the 2008 nomination process was occurring... and that says something.

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.

The implosion of the Whig Party part deux. I suspect there will be other echoes of the 1850's-1860's as well.

It will also assure that Palin will declare her candidacy. And she will win.

From your keyboard to God's eyes, so to speak.

Mr. niteowl77