Waiting for the Obama/McConnell Debt Limit Bill

[chill_wind]

"The Senate has voted down Majority Leader Harry Reid's debt legislation. All eyes are now on the White House legislation."

Read more http://tpmdc.talkingpointsmemo.com/2011/07/senate-to-kill-reid-bill-await-obamamcconnell-spending-cut-only-debt-limit-bill.php?ref=fpa

Senate Votes Down Reid Bill, Awaits Obama/McConnell Spending-Cut-Only Debt Limit Bill
Brian Beutler | July 31, 2011, 1:29PM


Shortly after 1 p.m. Sunday, the Senate voted down Majority Leader Harry Reid's debt limit bill.

That plan has been outmoded by a new plan hammered out by the White House and Minority Leader Mitch McConnell, still being finalized. When it's completed, it will be attached as an amendment to Reid's bill (Reid will be able to recall that legislation by voting to filibuster his own plan, knowing it's doomed anyhow).

As noted here, the McConnell/Obama plan is likely to contain an enforcement mechanism comprised entirely of spending cuts -- both to domestic and defense programs -- that will kick in if a bipartisan fiscal committee doesn't report a package of entitlement and tax reforms later this year.

It remains to be seen whether Reid gives the final plan his blessing. But even if he doesn't, according to a top Democratic aide, he will likely work with McConnell to move it through Senate, with McConnell taking ownership of it.

[DJ13]

1. Ow, my butt!

[peacebird]

2. Vote it DOWN. Let it drop like a rock. Then demand a clean debt ceiling bill

and accept nothing less.

THAT is what should happen.

But of course it won't. We'll be screwed to protect the corporations and the rich.

[jwirr]

3. I hope that is their plan and I hope it passes.