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Thread: McConnell Offers 'Backup' US Debt Limit Plan

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    McConnell Offers 'Backup' US Debt Limit Plan

    From CNBC:

    As outlined by McConnell, President Barack Obama would formally request an increase in the $14.3 trillion debt ceiling, which Congress would reject through a "resolution of disapproval."

    Obama would then veto that resolution and send it back to Congress. If Congress failed to muster the two-thirds vote needed to override a veto, the debt ceiling would effectively be lifted by the amount Obama had requested.
    News Headlines

    Although the maneuver is creative, it would very likely be unconsitutional. Article I, Section 7 states:

    Every bill which shall have passed the House of Representatives and the Senate, shall, before it become a law, be presented to the President of the United States; if he approve he shall sign it, but if not he shall return it, with his objections to that House in which it shall have originated, who shall enter the objections at large on their journal, and proceed to reconsider it. If after such reconsideration two thirds of that House shall agree to pass the bill, it shall be sent, together with the objections, to the other House, by which it shall likewise be reconsidered, and if approved by two thirds of that House, it shall become a law. But in all such cases the votes of both Houses shall be determined by yeas and nays, and the names of the persons voting for and against the bill shall be entered on the journal of each House respectively. If any bill shall not be returned by the President within ten days (Sundays excepted) after it shall have been presented to him, the same shall be a law, in like manner as if he had signed it, unless the Congress by their adjournment prevent its return, in which case it shall not be a law.

    Every order, resolution, or vote to which the concurrence of the Senate and House of Representatives may be necessary (except on a question of adjournment) shall be presented to the President of the United States; and before the same shall take effect, shall be approved by him, or being disapproved by him, shall be repassed by two thirds of the Senate and House of Representatives, according to the rules and limitations prescribed in the case of a bill.


    The reality is that Congress must authorize an increase in the debt ceiling. A maneuver in which the President vetoes Congress's disapproval of raising the debt ceiling will not provide that authorization in place of Congress. That Congress would fail to override the veto would not constitute authorization where authorization had not been set forth in legislation.
    Last edited by donsutherland1; 07-12-11 at 05:30 PM.

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    Re: McConnell Offers 'Backup' US Debt Limit Plan

    that is interesting. i am still wondering why bush got every increase to the debt ceiling he requested, and NOW republicans are using this as a wedge? i think it will be their downfall as the majority of americans believe tax increases for wealthy are justified.

    we can't reform entitlement programs under this kind of pressure. real reform will have to be carefully crafted.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: McConnell Offers 'Backup' US Debt Limit Plan

    Quote Originally Posted by donsutherland1 View Post
    From CNBC:



    News Headlines

    Although the maneuver is creative, it would very likely be unconsitutional. Article I, Section 7 states:

    Every bill which shall have passed the House of Representatives and the Senate, shall, before it become a law, be presented to the President of the United States; if he approve he shall sign it, but if not he shall return it, with his objections to that House in which it shall have originated, who shall enter the objections at large on their journal, and proceed to reconsider it. If after such reconsideration two thirds of that House shall agree to pass the bill, it shall be sent, together with the objections, to the other House, by which it shall likewise be reconsidered, and if approved by two thirds of that House, it shall become a law. But in all such cases the votes of both Houses shall be determined by yeas and nays, and the names of the persons voting for and against the bill shall be entered on the journal of each House respectively. If any bill shall not be returned by the President within ten days (Sundays excepted) after it shall have been presented to him, the same shall be a law, in like manner as if he had signed it, unless the Congress by their adjournment prevent its return, in which case it shall not be a law.

    Every order, resolution, or vote to which the concurrence of the Senate and House of Representatives may be necessary (except on a question of adjournment) shall be presented to the President of the United States; and before the same shall take effect, shall be approved by him, or being disapproved by him, shall be repassed by two thirds of the Senate and House of Representatives, according to the rules and limitations prescribed in the case of a bill.


    The reality is that Congress must authorize an increase in the debt ceiling. A maneuver in which the President vetoes Congress's disapproval of raising the debt ceiling will not provide that authorization in place of Congress. That Congress would fail to override the veto would not constitute authorization where authorization had not been set forth in legislation.
    Yes, and McConnell is an idiot for not knowing this???????????


    Tim-
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    Re: McConnell Offers 'Backup' US Debt Limit Plan

    Quote Originally Posted by liblady View Post
    that is interesting. i am still wondering why bush got every increase to the debt ceiling he requested, and NOW republicans are using this as a wedge? i think it will be their downfall as the majority of americans believe tax increases for wealthy are justified.

    we can't reform entitlement programs under this kind of pressure. real reform will have to be carefully crafted.
    Because voters have very short term memories. We forget that when a Rep ruled the white house, it was the democrats screaming that raising the debt ceiling was such a horrible thing to do. But now that a Dem rules the white house, seems they conveniently changed their minds. Same with Republicans...they all do it...each and every time... because we let them get away with it. Just like President Obama saying that not raising the debt ceiling was a lack of leadership and blah blah blah...hmmm...he conveniently forgot that when he got into office. Its why nothing ever gets done.

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    Re: McConnell Offers 'Backup' US Debt Limit Plan

    McConnel is playing the president like a fiddle.........

    .........Obama isnt going to get away with voting present..........and the Democrat Congress...... who havent released a budget in over 800 days.....are going to have to reveal to the American people that they are the drunken liberal sailor whores they have always been.
    .
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    Re: McConnell Offers 'Backup' US Debt Limit Plan

    ...or you could just skip all that, not raise the debt ceiling, and make austerity work.

    Y'know...like a responsible government?
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    Re: McConnell Offers 'Backup' US Debt Limit Plan

    Quote Originally Posted by Hicup View Post
    Yes, and McConnell is an idiot for not knowing this???????????


    Tim-
    IMO, Senator McConnell's floating this idea is quite revealing. It indicates that the Senate Republicans (or at least a sizable number of them) do not want to go on record in voting to raise the debt ceiling. At the same time, there is a sense of understanding, that not raising the debt ceiling is not an option. Hence, they are trying to create an exit strategy under which they can avoid voting to authorize an increase in the debt ceiling and, at the same time, not be burdened with the responsibility of the consequences of failing to raise the debt ceiling. Unfortunately, one cannot so easily decouple choices and consequences. On the this issue, as is the case with so many momentous ones, an evasion of tough choices can become an invitation to a crisis.

    The participants in the negotations really need to get past the conflict stage in which they battle over almost theological differences in ideology and get to the stage of crafting agreement based on the parameters where common ground exists (smaller deal, less entitlement impact, no tax changes). If not, my guess is that the financial markets may begin to show their first hints of distress beginning sometime in the next two weeks. A hint of that distress would be a co-movement where stock and bond prices fall simultaneously, sending yields higher. It would not be implausible if one of the ratings agencies fires a warning shot before the month is out should there be little sign of agreement. Of course, in that environment, there would be the risk that negative psychology could begin to feed upon itself, leading to a rapid deterioration of market conditions.

    In the end, I believe there will be an agreement, albeit without a truly credible fiscal consolidation path. A crisis will be averted, but there may be some adverse changes in risk perceptions concerning the U.S.

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    Re: McConnell Offers 'Backup' US Debt Limit Plan

    Quote Originally Posted by donsutherland1 View Post
    From CNBC:



    News Headlines

    Although the maneuver is creative, it would very likely be unconsitutional. Article I, Section 7 states:

    Every bill which shall have passed the House of Representatives and the Senate, shall, before it become a law, be presented to the President of the United States; if he approve he shall sign it, but if not he shall return it, with his objections to that House in which it shall have originated, who shall enter the objections at large on their journal, and proceed to reconsider it. If after such reconsideration two thirds of that House shall agree to pass the bill, it shall be sent, together with the objections, to the other House, by which it shall likewise be reconsidered, and if approved by two thirds of that House, it shall become a law. But in all such cases the votes of both Houses shall be determined by yeas and nays, and the names of the persons voting for and against the bill shall be entered on the journal of each House respectively. If any bill shall not be returned by the President within ten days (Sundays excepted) after it shall have been presented to him, the same shall be a law, in like manner as if he had signed it, unless the Congress by their adjournment prevent its return, in which case it shall not be a law.

    Every order, resolution, or vote to which the concurrence of the Senate and House of Representatives may be necessary (except on a question of adjournment) shall be presented to the President of the United States; and before the same shall take effect, shall be approved by him, or being disapproved by him, shall be repassed by two thirds of the Senate and House of Representatives, according to the rules and limitations prescribed in the case of a bill.


    The reality is that Congress must authorize an increase in the debt ceiling. A maneuver in which the President vetoes Congress's disapproval of raising the debt ceiling will not provide that authorization in place of Congress. That Congress would fail to override the veto would not constitute authorization where authorization had not been set forth in legislation.
    The GOP is setting a trap for Obama. Obama vetoes then raises it on his own, per the Republican plan, he gets attacked as trashing the Constitution. However, Obama actually does have a play at invoking the "legitimacy of all valid debt" clause, contained in the 14th Amendment. Whereas Congress violates the Constitution by refusing to authorize what the United States owes, Obama can submit an executive order designed to bring the United States into compliance with the Constitution.
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    Re: McConnell Offers 'Backup' US Debt Limit Plan

    I don't disagree, and although my well thought out reply to this frankly would be too long to post here. But in a nut shell, the rest of America, you know all of us dumb working, and none working stiffs need to get a wake up call toot sweet. Something really bad has to happen to show the American people why tax and spend policies have consequences, eventually. Oh, and by no means am I singling out the democrats here. Republican's are just as much to blame. Republican's are just not as ambitious, and blatent about it.

    Read my sig.. It applies more today than ever. The real problem for the republican's is that their lack of courage, and similar behavior has caused that burden gap to widen. We now have roughly 48% of the US population NOT paying taxes at all, well except sales tax, and that is tough to overcome for anyone wishing to eat cake out of the Oval office..

    Courage..


    Tim-

    edit - sorry was meant in reply to Don.
    “When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.” - P. J. O’Rourke
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    Re: McConnell Offers 'Backup' US Debt Limit Plan

    Quote Originally Posted by danarhea View Post
    The GOP is setting a trap for Obama. Obama vetoes then raises it on his own, per the Republican plan, he gets attacked as trashing the Constitution. However, Obama actually does have a play at invoking the "legitimacy of all valid debt" clause, contained in the 14th Amendment. Whereas Congress violates the Constitution by refusing to authorize what the United States owes, Obama can submit an executive order designed to bring the United States into compliance with the Constitution.
    That's what the judicial branch is for, Dan.

    Tim-
    “When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.” - P. J. O’Rourke
    “Socialism is great until you run out of someone elses money” Margaret Thatcher

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