Free Republic

Capitol Hill talk regarding the Senate deal apparently includes a provision that would take away the Congress’ power to increase the debt ceiling. According to Politico, it looks like the buzz appears to be true.: The plan includes a proposal offered by McConnell in the 2011 debt ceiling crisis that allows Congress to disapprove of the debt ceiling increase, which means lawmakers will formally vote on whether to reject a debt ceiling increase until Feb. 7. Obama can veto that legislation if it passes. If Congress fails as expected to gather a two-thirds majority to override the veto, the debt...

Senate minority leader Mitch McConnell has floated a proposal for a couple years now as a last-chance way to avert a crisis and allow the president to raise the debt ceiling without congressional approval, with Congress having the ability to strip that authority with a two-thirds veto – and that’s sort of what the bill to be voted on tonight provides for (see pages 24 ff. of the bill).Assuming it passes tonight, the debt ceiling will be suspended until February 7, meaning the treasury can borrow what it needs to fund obligations until then. Then within the next 14 days, the House and...