We're nearing the closing act of "The Debit Ceiling Crisis of 2011."

[Lone_Star_Dem]

Pelosi, Reid say McConnell debt-limit 'back-up plan' a step in right direction

Democratic leaders in the House and Senate responded positively Wednesday to a “back-up plan” proposed by Senate Minority Leader Mitch McConnell (R-Ky.) that would allow the debt ceiling to be raised, but would make President Obama and congressional Democrats bear the brunt of the political fallout.

“What Leader McConnell has put on the table recognizes that we must lift the debt ceiling; that we must do that,” House Minority Leader Nancy Pelosi (D-Calif.) told reporters in her office Wednesday before meeting with a small group of young people on the debt-limit debate. “So it has that merit, in that it says, ‘What are we talking about here?’ We have to pass this, and let’s talk about the other things as we go along.’ ”

Pelosi said that while she has yet to receive the particulars of McConnell’s plan, “I do know that he has recognized that we must lift the debt ceiling.”

The top House Democrat’s remarks came shortly after Senate Majority Leader Harry Reid (D-Nev.) said that McConnell’s proposal, “combined with ideas he and I have been discussing to force a vote on deficit reduction proposals, could go a long way toward resolving the impasse in which we find ourselves.”

http://www.washingtonpost.com/blogs/2chambers/post/pelosi-reid-praise-mcconnell-debt-limit-back-up-plan/2011/07/13/gIQAZoVgCI_blog.html/div]

Silver Bullet? Reid, McConnell Hatch Plan To Avoid Default

Senate Minority Leader Mitch McConnell (R-KY) made clear that he wants to avoid a catastrophic debt default when he proposed a solution that would allow President Obama to raise the debt limit, but put a large political onus on the Democratic party.

Now, he and Senate Majority Leader Harry Reid (D-NV) are privately crafting a modified version of that plan, which would ease up on the politics, but include some of the spending cuts bipartisan negotiators have identified.

"We would like to see, even if we can't get a grand deal, that some real cuts be added to Senator McConnell's proposal and perhaps Senator McConnell's proposal be modified," said Sen. Chuck Schumer (D-NY). "That is another possibility, not as good as a larger deal, but certainly better than just avoiding default."

Schumer made clear that a modified McConnell plan is the last-best option -- preferable only to defaulting on the debt. "That's what Senators Reid and McConnell are talking about now," Schumer said.
http://tpmdc.talkingpointsmemo.com/2011/07/silver-bullet-reid-mcconnell-hatch-plan-to-avoid-default.php?ref=fpblg

I find myself wondering if are our Democratic leaders going to stand true and not take an axe to our platform, or is this drama about to become a tragedy?

[BeyondGeography]

1. Irresistible

The cop out plan