Posted on 07/14/2011 6:33:51 PM PDT by SeekAndFind
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 roughly $1.5 trillion in deficit reduction over the next ten years — a figure considerably smaller than Republican leaders or President 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 stalemated, 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 Boehner (R-Ohio) indicated such "last-ditch" efforts may become more palatable in the time ahead.
(Excerpt) Read more at chicagotribune.com ...
Well, what could go wrong with that?
All Hail King Urkel!
The House should not cave or trouble will ensue.
Would you buy a used car from Stinky Reid?
This travesty will NEVER “become more palatable, with time”, to people who understand what it says.
Here it comes. Obama raises debt ceiling. A couple of changes in regulation, some MSM bull crap and all of a sudden companies start hiring again.
Unemployment rate drops, Obama looks like a god and gets 4 more years.
Thank you GOP.
Where does the man get such authority?
The lunatics are really running the asylum. Wake up, America.
Not just no, HELL NO!
After the house rips this proposal to shreds, the senate republicans need to fire McConnell immediately.
This is totally asinine!
What is McConnell trying to do??? split the party BEFORE the debt ceiling is raised???
Is that the real “Backup plan”????
Anybody know when McConnell is up for re-election?
Replace all of congress. All Barack needs is 1 man/women with a rubber stamp.
It will also assure that Sarah Palin will announce her candidacy.
These are the politics of an Obama created false crisis. It is one false crisis too many, meant to secure Obama's dictatorial liberal fascist power, a complete unconstitutional end run around Congress and the people.
Obama has become impeachable.
Congress is about to make Obama a dictator.
Funny when this was first posted a day or two ago Freepers were tripping all over themselves howling it wasn’t true simply because Politico broke the story, now it turns out it is true...
Wake up folks the Repubs are just as much the problem as the RATs!!!!!
total abdication of Congressional responsibility
The House passed a budget already. I would bet that budget has a deficit. If it has a deficit, then that would imply that the Sec of Treasury has authority to borrow the money to cover that deficit, debt limit or no.
The House would pass it. There are only 80 or so “TEA partiers” out of 435 seats.
OBAMA WON>>
They will cave...they are fools going up there... should have passed a bill..if the senate vetoed it you have a marker...now your marker is OBAMA got everything and we get nothing...three fools trying to make a deal...I’m never giving another dime to the GOP..Let the country go broke..Obama played the Gop for fools...if they let it go passed the dead line..the Rats will say this caused the economy to slow down..Send the senate a bill you fools.
I’m going to have a few Moose Drool BEERS>> GOP SUCKS
AND
Maybe some of this
•1 1/2 oz tequila
•1/2 oz triple sec
•dash of lemon or lime juice
•3 oz sour mix
•lime wedge for garnish
•salt or sugar to rim the glass (optional)
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