Posted on 07/12/2011 1:38:31 PM PDT by 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.
(Excerpt) Read more at breitbart.com ...
He ought to be a “goner” anyway! What sort of malignant thinking is this!?
The GOP is holding all the cards and Obama is on the ropes.
Of course the GOP will find a way to lose.
McConnell....what nitwit....
If you believe that you are an idiot, just remember that he gave the democrats what they wanted in the lame duck.....
But if we don't up the debt..Will or will not the debt rating change?
If the debt rating changes...lower. What happens? Is that bad for us now...but better down the road? Or is that horribly bad now...and crushes us?
Honestly I don't know.....
Ever heard of a "Quick Kick" in football? Games have been won because of a judicious coach's option to quick kick the ball to the other team who is judged by the coach as incompetent to handle the ball..
Obama and the Dems are incompetent to handle the option McConnell is offering them.
Most of the members of the Senate know.
I'd like to see Leahy jump on this!
This is definitely a grab the popcorn moment.
Tine for the TEA PARTY. At least we can go down fighting.
>>> Somebody spikin’ the water coolers with idiot juice!? <<<
Forgive me but, what planet have you been living on for the past several decades?
The coolers aren’t just spiked with the stuff, that’s all they serve!
Correct. I don't know why McConnell, a Senator, has anything to say about this. The Senate is a deliberative body; the House controls the purse strings.
Unfortunately, according the article, Rep. Cantor has murmured assent to McConnell's asininity. I don't know WTH is going on.
Not soon enough. WTF is wrong with these people? They have no problem with driving this Country to ruin. God help us through this.
Neville Chamberlain could not come up with a better plan.
Is that a bumper sticker? I would love to have one for my car.
Maybe, but this is weird. Why not pass legislation to specifically prioritize spending. zero needs to be restrained, not given more authority.
True. Or resign from the Whigs and start the Tea Party.
Obama was on the ropes. The GOP held all the cards. All they had to do was not compromise and they win in 2012.
It was that easy.
Obama had NOTHING but scare tactics.
Why does McConnell and the RINO’s throw in the towel? It’s because RINO’s are not on our side, they want to lose to the Democrats.
a long time Washington insider wants to continue business as usual? Shocker!
Mitch McConell sure makes the choice easy - NO GOP in 2012! I’ll write in Sarah Palin! VOTE WITH VENGEANCE!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.