Tuesday, July 12, 2011

Mitch McConnell Prepares to Cave on Debt Ceiling?

If McConnell does this, he is truly a weenie.

McConnell’s Contingency Plan
It’s beginning to get out on the Hill. It’s complicated, but here is the gist as I understand it: Congress authorizes in legislation the president to submit a request for an increase in the debt limit in three tranches over the next year or so, with corresponding proposals for spending cuts; when the president submits his request, Congress immediately considers a resolution of disapproval; if the resolution passes, the president can veto it and — assuming his veto is subsequently upheld — he gets the increase in the debt limit.

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