Wednesday, July 13, 2011

What is needed in the McConnell proposal.

The media and blogs are abuzz today over the proposal of Senate Minority Leader Mitch McConnell that would give the president limited authority to raise the debt ceiling on his own. I almost missed noticing this detail reported in the WaPo:
Under the proposal, Congress would change the rules surrounding the debt limit for the remainder of Obama’s first term.

I believe the McConnell idea is workable and certainly better than deadlock and default -- but Obama should accept it only on condition that it is a permanent change in the law. Only then can it be construed as a step forward for better fiscal management. Otherwise it is exposed as merely a cynical tactic for near term partisan political advantage.

No comments:

Post a Comment

Abusive comments will be deleted.