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Tuesday, July 12, 2011

Politics / Economy McConnell Blinks on Debt Ceiling

Posted by Goldy on Tue, Jul 12, 2011 at 3:49 PM

Faced with an apparent debt ceiling impasse, and the Wall Street crash a default would precipitate, Senate Republican Minority Leader Mitch McConnell has proposed simply handing over the authority to President, thus placing the responsibility for increasing the national debt solely on the Democrats. Okay. That's the sort responsibility the governing party is supposed to have.

Under the McConnell proposal, President Obama would be able to raise the debt ceiling by up to $2.4 trillion in three increments over the next year, as long as he specified offsetting spending cuts. Congress could only veto Obama's actions with a two-thirds majority, but the vote itself would force Democrats on the record in favor of raising the debt ceiling.

Tea Baggers are naturally outraged at McConnell's treachery, but as much as they fear their own insurgent right, the GOP establishment knows who really butters their toast. Wall Street. And what Wall Street wants, Wall Street gets. From both parties.

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Comments (15) RSS

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Am I not reading this correctly or does it not include any revenue generation?

Not seeing how All Cuts = Republicans Blink...? Sounds like Gregoire Math to me.

Posted by Matthew 'Anc' Johnson on July 12, 2011 at 3:59 PM

All that sweet sweet money from the banks, business, and foreign donors greenwashing thru resident cash PACs sure doesn't hurt, does it hypocrite Republicants?

...

Got Jobs?

Posted by Will in Seattle

on July 12, 2011 at 4:01 PM

he also said they won't make a deal as long as obama is in office. he's said repeatedly that defeating obama in 2012 is his #1 legislative priority.

how statesmanlike.

i really hope obama's planning to play the "i tried bipartisanship and angered my base for 4 years, they didn't" card next year.

Posted by Max Solomon on July 12, 2011 at 4:21 PM

McConnell and Boehner have declared war on their Tea Party Constituents.

I don't see that we have any resource but to found a third party and run Sarah Palin as our chief.

Posted by Supreme Ruler Of The Universe

on July 12, 2011 at 4:33 PM

@1, while it doesn't include revenue generation, it actually doesn't include cuts, either. Realistically, Obama is going to be able to lift the ceiling by proposing (not actually implementing) cuts.

The Republicans tried to use the impending default to take America hostage in order to get cuts they want, but when they finally realized that they'd be to blame for the cuts, they balked. I think that this is huge for the Democrats.

Posted by rudedog on July 12, 2011 at 4:33 PM

Clever. They know they'll eventually have to agree to raising the debt ceiling, but now they have a way of doing it which lets them shout about how the democrats did it all by themselves.

Posted by beef rallard on July 12, 2011 at 4:42 PM

Republicans like limited government a lot better in theory. McConnell probably got scared when he realized not raising the debt ceiling would mean millions of tea baggers not getting their social security checks.

Posted by Ken Mehlman on July 12, 2011 at 4:55 PM

Am I the only person for whom McConnell's sour-lemon puss and receding chin brings Jesse "Kim Jong the Second" Helms to mind? What a little rodent.

Posted by rob!

on July 12, 2011 at 5:15 PM

"as long as he specified offsetting spending cuts"

And this is a good thing because ...?

Posted by RonK, Seattle on July 12, 2011 at 5:38 PM

The Financial Oligarchy says "get er done" and the bought and paid for Pols will comply.

Posted by Wild Bill on July 12, 2011 at 5:40 PM

If this "deal" goes through, I think Obama should then propose, when submitting his cuts, cuts only to 1. defense and 2. corporate subsidies.

Posted by kalijones on July 12, 2011 at 6:37 PM

First, Obama would have to trust the Republicans, and they've proven themselves to be so trustworthy in the past, right.

Second, Obama would have to be willing to give the Republicans 12 times to bash him on raising the debt (all by his lonesome) before the 2012 election.

Third, I think it is still all kabuki. They have to raise the debt ceiling and Obama needs to get the best deal he can - this isn't it.

Posted by Amaliada on July 12, 2011 at 11:50 PM

this is cowardly. how can elected officials be so afraid of compromise that they would relinquish financial power to another branch of our government? how can we possibly equate cuts to social programs with tax cuts to the wealthiest Americans? it is just another example of these milk-toast Republicans who are afraid of their benefactors. I am sickened by the entire process. what rot. what hypocracy. what a country we've become.

Posted by casper on July 13, 2011 at 7:28 AM

When the history of America is written, that low life McConnell will get his due. In the mean time, the American people don't want a default, the TeaBaggers do. And the TeaBaggers are losing elections all over the goddamn place.

Posted by Vince on July 13, 2011 at 10:24 AM

More political theater of the absurd between the Neocon-repubs and the Neocon-dems??

Whoopie-do-dah! Neither side has yet to do anything about anything, and if they had performance-based salaries, neither congress, the West Wing, nor the US Supreme Court would be receiving a paycheck --- and many of them should be only hearing the "whoosh" sound of a blade coming down on their necks!

Posted by sgt_doom on July 13, 2011 at 11:07 AM