With the nation's bill rapidly approaching on Aug. 2, Senate Minority Leader Mitch McConnell (R-Ky.) reversed course yesterday, proposing that Congress hand over the power –– and responsibility –– of raising the debt ceiling to President Obama. McConnell defended the surprising plan today by explaining how it pays off the government's bills in the short term and prevents the president from pinning a potential government default on the conservative opposition. Yes, it's the dreaded, "not it" strategy.
"If we go into default [President Obama] will say Republicans are making the economy worse," McConnell told radio host Laura Ingraham, according to The Huffington Post. "And all of a sudden we have co-ownership of a bad economy. That is a very bad position going into an election."
McConnell pointed out that a similar situation took place in 1995 when the government shutdown and then-President Bill Clinton was able to lay the blame on Republicans.
"[W]e knew shutting down the government in 1995 was not going to work for us. It helped Bill Clinton get reelected. I refuse to help Barack Obama get reelected by marching Republicans into a position where we have co-ownership of a bad economy," McConnell said.
"What will happen is the administration will send out notices to 80 million Social Security recipients and to military families and they will all start attacking members of Congress. That is not a useful place to take us. And the president will have the bully pulpit to blame Republicans for all this disruption."
The Treasury Department has warned that the debt ceiling –– the amount of money the Treasury is allowed to raise by issuing bonds to fund projects and pay off debts that Congress has already OK'd –– needs to be raised above its current amount of $14.28 trillion or else the government won't have enough cash to pay all its bills.
Don't tell that to Minnesota Rep. Michele Bachmann ((R-Minn.) however. The GOP presidential hopeful is firmly against raising the debt ceiling by any amount because she says that enough money is already available to pay off the government's obligations. When told that Treasury Secretary Tim Geithner said that allowing the U.S. government to default would have catastrophic consequences, Bachmann's reply was direct: "He's wrong."
What do you think of McConnell's plan?
Follow Matt Marquez on Twitter: @mattmarquez
[The Huffington Post]
Comments (0)
Be the first to comment!