Acording to the Chicago Tribune, no Congressional approval will be needed. It will be done by executiive order with the assent of the leaders of both Congressional houses.
Third Party is definitely in. And Palin will declare.
No congressional approval will be needed for certain specific debt ceiling increases IF THIS PLAN PASSES BOTH HOUSES and is signed. IIRC it's 3 increases totaling 2.5 million in the next 18 months... but don't remember that part too well.
That's how i get it.