WASHINTON — After days of parlay between Republican and Democratic lawmakers, and no efforts to reach a deal on the deficit, Senate Republican leader Mitch McConnell proposed that President Obama increase the federal debt limit without Congressional approval.
McConnell’s proposal suggests a lack of confidence in Congress’ ability to reach a bipartisan agreement on spending cuts.
Republican lawmakers adamantly refused to approve any deal that would include tax hikes, while Democrats rejected the idea of possible cuts on Social Security and Medicare.
President Obama urged lawmakers to come to an agreement, calling daily meetings to reach a deal before the Government is obliged to default on its loans on August 2.
The NY Times Reports:
Mr. McConnell’s proposal would give Mr. Obama sweeping power to increase the government’s borrowing authority, in increments, by up to $2.4 trillion — enough, it is estimated, to cover federal obligations through next year — only if Mr. Obama specified spending cuts of equal amounts. But Congress would not have to approve the spending cuts prior to the debt-limit increase.