16 Jul '11, 1am

Republicans offer to give Obama debt-ceiling powers

Thursday July 14, 2011, 3:31 am "With compromise talks at a standstill, Senate Republicans unexpectedly offered Tuesday to hand President Barack Obama new powers to avert a first-ever, potentially catastrophic government default threatened for Aug. 2. Under a proposal outlined by Senate Minority Leader Mitch McConnell of Kentucky, Obama could request — and likely secure — increases of up to $2.5 trillion in the government’s borrowing authority in three separate installments over the next year, as long as he simultaneously proposed spending cuts of greater size. The debt limit hikes would take effect unless blocked by Congress under special rules that would require speedy action — and even then Obama could exercise his authority to veto such legislation. McConnell made his proposal public a few hours before Obama presided over his third meeting in as many days with congress...

Full article: http://www.care2.com/news/member/827551733/2868752

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