With stalled talks and a deadline looming, it was pretty clear that a deal to dodge the Aug. 2 debt limit deadline was moving anywhere but toward an agreement.
Earlier in the day, the Senate’s top Republican, Sen. Mitch McConnell, R-Ky, had this to say about working with President Obama and other congressional negotiators on a deal:
“We will not pretend that a bad deal is a good one … I have little question that as long as this president is in the Oval Office, a real solution is unattainable.”
Words like those made it hard to see how any solution was within reach. However, later in the day we got word about Sen. McConnell’s so-called “Debt Disapproval Plan.”
CBN News contacted Sen. McConnell’s office for more clarification about his proposed plan. It is our understanding that it provides a potential framework to allow for a debt limit increase by shifting the burden almost entirely on President Obama.
It would be up to him to decide upon spending cuts that must be greater than the requested amount for increase, effectively quashing the ongoing debate between spending cuts and raising taxes.
Lawmakers would then vote on whether to approve or reject his plan. If the vote only requires a simple majority, the request, theoretically, would sail through the Democratically controlled Senate. How it would pass the GOP-controlled House is a different story.
Of course, McConnell’s plan would have to be approved by lawmakers from both chambers. We here at the Beltway Buzz believe that if indeed it does pass, it will take time to sell. Many Tea Party-backed lawmakers campaigned on a pledge to cut spending, and this is their opportunity to cash in. And, Democrats have been enjoying their apparent boost as defenders of various entitlements.
While the plan may help to avert a meltdown and a potential default by the U.S. government, if it passes, it remains to be seen whether it will create a better prescription for tackling the debt and managing a fragile economy.