McConnell: Give Obama new powers on debt limit

Breitbart ^ | July 12, 2011 | Andrew Taylor

[La Enchiladita]

WASHINGTON (AP) - The top Republican in the Senate proposed on Tuesday giving President Barack Obama sweeping new power to, in effect, unilaterally increase the nation's debt limit to avoid a first-ever default on U.S. obligations. Minority Leader Mitch McConnell, R-Ky., offered a new plan to allow the president to demand up to $2.4 trillion in new borrowing authority by the summer of next year in three separate submissions. Those increases in the so-called debt limit would automatically take effect unless both the Republican House and the Democratic Senate enact legislation specifically disapproving it.

Obama would be able to veto such legislation.

The GOP plan would require that Obama submit spending cuts along with his borrowing requests. But unlike the increase in the debt limit, they wouldn't automatically take effect.

The new mechanism would take the place of the White House debt negotiations between congressional leaders and Obama. Those talks over spending cuts and tax increases have grown increasingly acrimonious.

[jacknhoo]

And Obama does not care if it is in his lap...the whole demise of America is in his lap and his lap dogs LOVE IT.

[Labyrinthos]

Before you knee-jerks get your panties in a twist, think about McConnels plan: It dumps the whole issue in Obama's lap. The media can't blame the Republicans. The Demos can't blame the Repubs. No tax increase is authorized. The plan is worth considering. McConnel is no dummy, politically.

What are you freaking nuts? The Media would still blame the GOP for failing to affirmatively reject the increase in the debt limit, and since Obama hates capitalism, he will raise the debt limit to the max as part of his plan to transition the United States from a capitalist country to a socialist and eventually a Marxist economy. Again, his goal is to destroy America economically and then rebuild our Country in the image of Castro, Chavez, et al. McConnell's plan just makes Obama' plan a whole lot easier.

[crosshairs]

Looks like it’s time for a pitchfork march on Washington.... McConnell - Cantor... on the list they’ve got to go!

My idea is to round them all up in the rotunda, padlock the doors, then burn the place to the ground.

[cotton1706]

The conservatives in the Senate should completley ignore him. Tell him nothing. Don’t go to any of the stupid meetings. He can call himself the republican leader but he’s nothing of the kind. They should all speak for themselves and not let him lead them.

[bigtoona]

I keep refeshing this thread looking for the satire comment. Is this a fricking joke? Have we won a SINGLE battle like this since the commie has been in office? We just bend over every time even when we have the advantage, its maddening!

[LibLieSlayer]

REPUBLICAN LEADERSHIP... if you pull this caving to obama and the rats crap, I promise you that even if it reelects obama... we will destroy the gop for all time and make you go bankrupt in all of your primary challenges. A third party will destroy ALL of our election chances and reelect obama... but it will be ALL of the republican leadership’s fault... and no one else... because only YOU republican leaders can control what happens... and YOU have been warned.

LLS

[Dead Corpse]

I STILL like that idea...

Deje vu all over again...

[muawiyah]

Look, Nixon proposed Sequestration as a strategy to hold down government spending. At the time the idea was that the Congress was author of all the excessive spending ~ not the President ~ so the President would be given the "line item veto" in the guise of Sequestration ~ just like many state governors.

All that McConnell proposed is a method the Democrats spent a lot of political capital OPPOSING.

He's chortling over this one.

[FroggyTheGremlim]

"What are you freaking nuts? "

Nope. Just a bit more foresighted than you.

[goodnesswins]

What the He.............................????

[novemberslady]

McConnell is a RINO. He is a socialist. He is a saboteur for the Democrats.

You're may be right about everything you said, but this goes much further.
If this is true, bambi might as well snap a leash on mitch.

[muawiyah]

Obama proposed not sending out Social Security checks.

Let him try it.

[novemberslady]

You’re shoulda been you :)

[slowhandluke]

Ok, I'm old enough to have voted in the 72 election, but I have no idea what you are talking about.

Do you care to enlighten us on what most of the Senate knows and the rest of us don't?

[musicman]

The “sticker” was from “Doug Ross Journal”.

(You could scan the image and print it out, or save it to an SD card or USB stick, and take it to a place that makes bumper stickers.)

[slowhandluke]

What they learn from history is that persistence WORKS,

Eh, maybe need new glasses ...

[nathanbedford]

It is clear that if our credit rating is downgraded interest rates will soar and the economy will suffer. It could even crash. Our economy is particularly vulnerable at this moment. More, the world economy is in very bad shape. Italy could unravel the entire European Union. China is slowing down markedly with exports severely curtailed, probably because Europe and America are in a slump and do not have the wherewithal to consume Chinese products. Chinese domestic demand is probably faltering and inflation was disappointing in the last report. Either one of these 2 geographic areas would be enough if they come a cropper to severely damage the world economy and if one is coupled with an American slowdown because of the debt crisis, the consequences could be dire.

Finally, any black swan event such as the tsunami in Japan could also trigger a severe worldwide economic crisis because of the vulnerabilities outlined in the preceding paragraph.

However, it is not so clear that a failure to extend the debt ceiling will cause a default on the debt because there is probably adequate income to cover securities as they roll over. Yet, it is still possible, indeed even likely, that a failure to extend the debt ceiling will cause a downgrade even if there is no default on any debt payments.

Longer-term, if we do not reign in the debt it doesn't matter a bit whether we extend the ceiling or not because the market will ultimately forsake us and our whole system will crash.

Apart from all this pessimism, I still believe it is possible that the United States, through a prudent combination of cutting spending and regulations and freeing up entrepreneurship, can over time grow its way out of this dilemma. It cannot do so if we raise taxes, continue regulating, continue to choke the energy sector, and otherwise fail to cut spending.

That's the way I see it.

[MontaniSemperLiberi]

Good Lord what a post.

[muawiyah]

You forgot the big battle over the line item veto?

Simply not possible for a Republican to forget that one.

Remember, the Vietnam War was a DEMOCRAT THING ~ we were trying to reign in stupid and excessive spending ~ and the war was just a part of that deal.

The Democrats opposed EVERYTHING. That's when they started their "Full Funding" campaign. What that deal involved was making sure that appropriations bills authorized expenditures to the extent possible under the budget, or the enabling legislation for a particular government program.I bet you thought (like millions of others) that the anti-Nixon dramaturgy arose out of his handling of the Vietnam War.

It didn't ~ the whole thing was about money ~ how to get it, how to waste it, how to put it in the pockets of union bosses and commie front groups.

This ACORN BS of Obama's isn't a new thing with Democrats. They've been conspiring to steal everybody's everything for decades.

[slowhandluke]

All that McConnell proposed is a method the Democrats spent a lot of political capital OPPOSING.

Yes, they opposed it when a Republican president tried to use it without legal basis. But they'll be all for it if a Democrat president gets it legally.

That legal vs illegal difference is more than enough for the MSM to make it sound like Republican hypocrisy when they eventually have to fight against their own proposal.

McConnell is throwing the rabbit into the briar patch.