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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."
SNIP
...the government of China, which is one of the largest holders of U.S. debt, issued a statement urging American officials to act "responsibly."
SNIP
(Excerpt) Read more at the33tv.com ...
At some point you folks are going to realize that all Repubs are RINOs
If Congress were to DOUBLE the debt limit, OBummer would spend it all within the next 15 months - gotta buy those votes!
I hate to disappoint you but if so, this piece of rope is far longer than the distance from the gallows to the ground.
"The president is willing to take responsibility for leading, and he is willing to do what it takes to compromise to reach something significant, and he is willing to own it, if other people won't,"
They spin this as his Nobility: 'He sacrifices his political career in order to shoulder responsibility (and control) for the World.'
What a guy!
Yes!
There are all kinds of ways to cheat on a balanced budget amendment. It would be rendered meaningless in no time.
It would be impossible to cheat on an amendment that repeals the 17th.
Maybe the Republicans are not what you thought they were.
“is this constitutional?”
No. Not that the Constitution matters one whit in the Pustule on the Potomac.
Everyone just shut-up and eat your peas. We don’t want to upset our Mr. Resident.
Q.
Who is going to initiate Impeachment Proceedings? And the sooner the better!
Not a chance in hell.
If this passes, the republican party will consist only of those formerly known as RINOS.
Yup, the sooner more Freepers figure this out, the better!
McConnell must have had some skeletons in his closet that got rattled...
yeah, but we’ll be “collegial”...
I'm very curious as to which scripture you're referring to which you think applies to the U.S.
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