Senate Democrats want to give the president nearly unlimited authority over the debt limit. Their proposal would allow him to raise it whenever he sees fit, and the only way to stop him would be a veto-proof majority voting against it. I’m sure they think this is great idea now, but in the event a Republican is ever elected to the White House again do they really want to give up that authority?
Democrats controlling the Senate proposed Tuesday to avoid future showdowns over the so-called debt ceiling by giving the president authority to authorize additional federal borrowing unless Congress can muster veto-proof margins to block him.
The move by Sens. Charles Schumer, D-N.Y., Barbara Boxer, D-Calif., and Mazie Hirono, D-Hawaii, is aimed at heading off future Washington confrontations over increasing the government’s borrowing cap. Debt limit battles this fall and in 2011 spooked financial markets and took the government precariously close to a default on its obligations.
“It’s time for us to put in place a straightforward process to avoid a catastrophic default on our nation’s debt,” Boxer said, adding that the legislation “sends a strong message of certainty to the markets, to our families and to the world.” (Read More)
This not-so-brilliant idea was first proposed by Senator Mitch McConnell. He says he’s against it now, but since he’s concentrating his energy on fighting conservatives in his own party don’t expect him to do anything to stop the Democrats from ramming this through.