Senate GOP mulls new debt strategy

[TerroristFistJab]

 politico.com/news/stories/0711/58801.html

I dont have enough posts to include hyperlinks


----------------
 nationalreview.com/corner/271706/more-contingency-plan-rich-lowry

    The initial legislation would authorize the President to submit a request to Congress asking to increase the debt limit by $700 billion, and would require submission of a plan to reduce spending by a greater amount.

    Upon receipt of the President’s request, the debt limit would be provisionally increased by $100 billion to provide breathing room and avert an August 2nd default.

    The House and Senate would have 15 days to disapprove of the request.

    Within three days of the President’s request, it would be in order for the House and Senate to introduce a joint resolution disapproving of the President’s request.

    Under expedited consideration of the Resolution of Disapproval, the resolution would be placed directly on the Senate calendar; the Motion to Proceed to the resolution would be privileged; there would be 10 hours of debate and passage would require a simple majority.

    If either chamber defeats the resolution, the remaining $600 billion increase would be allowed.

    If both chambers pass the resolution, it would be sent to the President for a veto or signature.

    If vetoed, debate on an override would be limited to one hour.

    If the veto is overridden (which would require a 2/3 vote) in both chambers, then the request would be denied and the provisional $100 billion increase revoked.

    If the veto is sustained in either chamber, the remaining $600 billion increase would be allowed.

    For the second and third requests in fall 2011 and summer 2012, the President could request an increase of the debt limit by $900 billion once the Treasury Department determines that the country is within $100 billion of the debt limit. The President would also be required to submit a plan to reduce spending by a greater amount.  Each of these subsequent requests would be subject to the same disapproval process outlined above.

[TerroristFistJab]

thehill.com/homenews/senate/171845-reid-and-mcconnell-expect-to-unveil-plan-b-next-week

Sen. Jim DeMint (R-S.C.), a member of the Senate Tea Party Caucus, pledged on Friday to use “every tool” available to block the "plan B" proposal that Senate Republican Leader Mitch McConnell (Ky.) introduced on Tuesday.

McConnell is negotiating with Senate Majority Leader Harry Reid (D-Nev.) to modify the plan to make it more likely to pass the Senate.

The proposal McConnell introduced would authorize President Obama to raise the debt limit by $2.5 trillion in three requests.

Under the plan, Obama would have to make three requests to Congress which lawmakers could block only through a resolution of disapproval. It gives Obama nearly unilateral authority to raise the debt limit because it would require only 34 votes in the Senate or 146 votes in the House to sustain a veto of a disapproval resolution.

Reid is talking with McConnell about adding $1 trillion to $1.5 trillion in spending cuts to the authorizing legislation.


looks like the  dems are going to win this.