Debt ceiling plan infuriates conservatives
Senate Rep. leader Mitch McConnell's plan would allow the president to increase the federal debt limit without Congressional approval.
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As the August 2 deadline to raise the debt ceiling draws closer, there's more talk about the dire economic consequences that will ensue if policy makers in Washington fail to reach an agreement on a budget plan. Senate Republican leader Mitch McConnell says that a bipartisan agreement is not likely to happen, and has proposed a plan in which the president could increase the federal debt limit without Congressional approval.
Is McConnell's proposal a sign of Washington dysfunction or a brilliant negotiating move?
Takeaway Washington correspondent Todd Zwillich says McConnell's plan, "would allow the president to simply request three separate debt increases from Congress totaling $2.5 trillion dollars ... Congress would have to vote to disapprove that, and if Congress voted to disapprove, obviously the president would veto it. And then you would only need one-third of one House to sustain."
The plan has infuriated many conservatives who want to use debt ceiling negotiations to push spending cuts.
"Raising the debt limit and lowering spending ... are really two separate things," says Zwillich. "They're only linked right now because Republicans have chosen to link them, because they want to finally cut spending and this is their political moment."
More on Mitch McConnell's plan:
> McConnell proposal gives Obama power to increase debt limit
> McConnell outlines new proposal on debt ceiling
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