July 12, 2011

McConnell's debt 'plan'

When is a plan not a plan?  When it comes from Senator Mitch McConnell (R-Ky).  His idea, a 'plan B' for solving our debt problem, offers zero compromise and zero leadership. 

Here's how the plan works:
  • Both houses of Congress must pass (and Obama must sign) a bill allowing the debt ceiling to be raised on an installment basis.  Then Obama immediately requests a $700B increase in the debt ceiling and must submit a list of spending cuts equal to the increase.  This is to get us past the August 2nd deadline. 
  • If Congress chooses to pass a ‘resolution of disapproval’ it goes to Obama for signature. He vetoes the resolution, and it goes back to Congress to override the veto. The Republicans don’t muster the 2/3 majority needed to override the veto, and so the debt ceiling increases take place.  Or, if Congress doesn’t do the disapproval resolution, the increase takes place automatically. 
  • Then he has to ask for $900B this fall, and then another $900B in June of next year. If this were a shampoo bottle, the label would read 'Lather, rinse, repeat.'  
So, what does this do for the Republicans?  Well, they get to vote against raising the debt ceiling six times (three resolutions plus three veto votes) between now and the next election. They get to force the President to outline spending cuts equal to $2.5 trillion.  They get to completely ignore the spending cuts they demand the President give them. And they prevent the president from putting any revenue increases on the table to help alleviate the debt (the Plan does not incorporate revenue increases). 

What does this do for the Democrats? It forces them to take 100% of the responsibility for defining  spending cuts and for raising the debt ceiling, or for failing to do so. Sounds like a pretty good deal, right? 

Can you tell this came from the Senator who declared “The single most important thing we want to achieve is for President Obama to be a one-term president” ?

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