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.'
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” ?