Skip to comments.Senate Leaders' Plan for Obama to Raise Debt Ceiling Gains Traction
Posted on 07/14/2011 8:06:59 PM PDT by kristinn
Reporting from Washington 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 about $1.5 trillion in deficit reduction over the next 10 years a figure considerably smaller than Republican leaders and 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 at a stalemate, 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 A. Boehner (R-Ohio) indicated that such "last-ditch" efforts could become more palatable in the time ahead.
"What may look like something less than optimal today, if we're unable to get to an agreement, might look pretty good," Boehner said.
House Majority Leader Eric Cantor (R-Va.) toned down his hard-line stance Thursday, saying, "There is a dose of pragmatism in all that we do."
...the government of China, which is one of the largest holders of U.S. debt, issued a statement urging American officials to act "responsibly."
(Excerpt) Read more at the33tv.com ...
Nice there goes the country!
It’s a congressional authorization to raise the debt ceiling. Period.
The rest is camouflage, superfluous.
A pox on them all. Much work and a lot of great candidates will be needed for 2012.
This is disgusting.
Hello third party. Good-bye mitch. Good=bye john.
New ad from Ron Paul...
Scripture has indicated that the United States is doomed to become a vassal nation...a nation unimportant in international affairs. A nation that is essentially a slave nation to our foreign overlords.
The only good thing is that we are that much closer to the return of real, responsible government....the return and reign of Jesus Christ.
There's NO HOPE for this country......NONE.
The McConnell Plan
I have been interested in this for quite some time. However, no one has shown me definitive proof of that which you speak. Can you point me to the scripture you mention concerning the United States of America.
This gives Obama a blank check to underwrite his vision of a Euromerica...and as such, it is long piece of rope for his own hanging.
is this constitutional?
Repealing the 17th Amendment should get consideration over trying to get push a balanced budget amendment.
“is this constitutional?”
Can you remember the last time that mattered?
They’ve been working on this since FDR. Their time has come. This could be our last stand. Let’s make it count in 2012.
Why would this be a consideration for this crowd?
It seems a lot of the Republicans who nodded and said pretty words about the Tea Party either never understood us or were just placating us.
This will be one of those moments that Mitch and all of those jelly-spined RINOs will someday wish they could get back. Of course, they will preface those thoughts with “Yes, I remember the Republican Party...”