By John Galt
July 31, 2011
And here are the quick and dirty details from the ABC News story per Johnathan Karl:
The current framework would give the president the authority to raise the debt ceiling in two parts: roughly half of it now and the balance at the end of the year.
Each increase would be subject to a Congressional resolution of disapproval.
If Congress voted to disapprove that increase, however, the President could veto their disapproval.
This is borrowed from a proposal made a while back by Mitch McConnell.
The bottom line is the same: the president would be able to raise the debt ceiling enough to get past the 2012 election.
The lazy slugs took the parts of the McConnell plan they liked and decided they wanted to punt this issue down the road until after the elections. In my opinion this will elicit an immediate downgrade to AA or AA+ by S&P if they hold true to their word. The bottom line is that the Tea Party representatives and alleged conservatives will be put through hell by their colleagues and the Department of Propaganda(aka Mainstream Media) over the next twenty-four hours to pass this plan and shut their pieholes.
To read the entire article from ABC News, click on the link below: