McConnell's Debt Limit plan

[Ibleedburgundy]

OK my understanding is that Republicans are opposed to increasing the debt limit - so Senate minority leader McConnell proposes for Republicans to vote to give Obama authority to raise the debt limit.

It almost seems like McConnell is not opposed to raising the debt limit, he is opposed to voters thinking he raised the debt limit. Either way Republicans would be enabling it to happen. What am I missing? :confused:

[akhhorus]

The Congressional GOP is being pushed hard by two major interest groups: Wall Street/business world who are threatening them if they don't raise the debt limit and the tea party who are threatening them if they do raise the debt limit. McConnell's plan is interesting but its a dodge. If the C-GOP is more afraid of Wall Street's gun to their head, they might pass it but its based on the political calculation that railing against the President for raising the debt ceiling is a net political positive in 2012(hint: it isn't). I still think that they'll raise it, but there will be a lot of drama over it.

[shally]

OK my understanding is that Republicans are opposed to increasing the debt limit - so Senate minority leader McConnell proposes for Republicans to vote to give Obama authority to raise the debt limit.

It almost seems like McConnell is not opposed to raising the debt limit, he is opposed to voters thinking he raised the debt limit. Either way Republicans would be enabling it to happen. What am I missing? :confused:

The purpose, as i see it, it to remove all traces of GOP fingerprints from the economy and make Obama take total ownership of it.

If the economy is doing better in 2012, then Obama is unbeatable anyway , no matter who gets credit for helping it.

If the economy continues to flounder, then Obama is forced to run on his record of 4 years and cannot legitimately run against Bush again in 2012

By removing the possibility of economic calamity because of Federal default, McConnell has taken that sword out of Obama's hand

It is a practical political calculus based upon the reading of who the US public will blame if bad things happen because of political stalemate

[Ibleedburgundy]

I just don't see how voting to give Obama the ability to raise the debt ceiling is different in any practical sense than voting to raise the debt ceiling.

For McConnell and McCain to say 'after we give away our debt ceiling authority it will be all Obama's fault' strikes me as utterly nonsensical.

Besides, according to the CBO, the Republican budget plan that passed the House would have required an even more drastic increase to the debt ceiling over the next ten years than if we did nothing. So even if the Republicans had their way about everything, we'd have to increase the debt ceiling by a lot.

http://www.cbo.gov/ftpdocs/121xx/doc12128/04-05-Ryan_Letter.pdf

[RedskinsDave]

I just don't see how voting to give Obama the ability to raise the debt ceiling is different in any practical sense than voting to raise the debt ceiling.

Are you being glib? They are obviously handing Obama the gun so they can say they had nothing to do with the shooting.

For McConnell and McCain to say 'after we give away our debt ceiling authority it will be all Obama's fault' strikes me as utterly nonsensical.

No more nonsensical than voting for a war and spending the next ten years complaining about Bush starting it.

Besides, according to the CBO, the Republican budget plan that passed the House would have required an even more drastic increase to the debt ceiling over the next ten years than if we did nothing. So even if the Republicans had their way about everything, we'd have to increase the debt ceiling by a lot.

http://www.cbo.gov/ftpdocs/121xx/doc12128/04-05-Ryan_Letter.pdf

[Ibleedburgundy]

Are you being glib? They are obviously handing Obama the gun so they can say they had nothing to do with the shooting.


How can they claim they had nothing to do with it when they could have prevented it and voted not to? I realize the old adage 'nobody ever went broke underestimating the intelligence of the American public' but damn McConnell is seriously testing the limits here.

No more nonsensical than voting for a war and spending the next ten years complaining about Bush starting it

Kerry/Clinton/Edwards/Biden don't have a leg to stand on when complaining about the war in Iraq. That vote single-handedly cost Hillary Clinton the Presidency. Anyway, I agree with your analogy. What McConnell is proposing is that transparent.

[akhhorus]

Imo, it will be hard for the congressional GOP to try to walk away politically from the McConnell proposal when the Dems will be sure to call it as such whenever it comes up. However, if I was Obama, I would submit big spending cuts plans that will never pass congress to claim that while I was raising the debt limit, congress is to blame for the continuing debt.

[RedskinsDave]

Well if he does that, it will show that they're all the same and all they care about it what will protect their jobs and couldn't give a rat's behind about the country. We already know this, but still.

[akhhorus]

Link (http://www.outsidethebeltway.com/mitch-mcconnell-harry-reid-deal-on-debt-entitlements/)


The key part of the new McConnell package is a joint committee to review entitlements in a massive deficit-reduction package. Unlike the Bowles-Simpson commission, this committee will be mandated to have a legislative outcome — an actual vote — that will occur early next year. No White House members. Evenly divided between Republicans and Democrats. No outsiders. This will be the first time such a study would have an expedited procedure mandated with no amendments permitted. Also, tax reform could be air-dropped into this committee’s report.

Interesting. Hopefully it will encourage some horse trading(ending corporate tax loopholes for major tax reform+carbon tax in exchange for limiting the payroll tax). Realistically, it will do nothing lol.

[BIGREDSKINSFAN1963]

instead of bickering back and forth,why don't they just go into a room and work it out until they reach a deal even if it takes a week!

[justinskins]

Some great news for me coming out of this mess:

Link (http://blogs.forbes.com/janetnovack/2011/07/27/debt-ceiling-plans-take-aim-at-graduate-student-loans/)