Senate introduces plan to "de-weaponize" the debt ceiling
The Democrats have introduced legislation penned by the GOP, so of course the Republicans hate it now. (See also, cap-n-trade, Obamacare).
The proposal was unveiled by Sens. Chuck Schumer (D-NY), Barbara Boxer (D-CA) and Mazie Hirono (D-HI), who emphasized repeatedly that it was modeled on a backup proposal by Senate Minority Leader Mitch McConnell (R-KY) during the 2011 debt limit standoff.
Hirono and Boxer called the threat of a default "a weapon of mass destruction" that must be nixed.
Here's how the bill would work: The president would be able to unilaterally lift the debt ceiling when necessary, and Congress would be able to vote to "disapprove" of it. If the motion to disapprove passes, the president could veto it, and Congress would need to muster up a two-thirds majority to override the veto. In short, it would de-weaponize the debt ceiling.
"So, bottom line: Senator McConnell was right when he proposed this rule in 2011," Schumer said. "We need to take default off the table. ... We want to put the fire out for good."
McConnell swiftly rejected the proposal as "outrageous" and a "gimmick," vowing that no Republican senators would support it.
. . .