Senate Republicans offer compromise to debt ceiling impasse
July 12th, 2011
03:03 PM ET
11 years ago

Senate Republicans offer compromise to debt ceiling impasse

Washington (CNN) - Senate Republicans offered a politically inspired fallback option to the debt ceiling impasse Tuesday, proposing three short-term increases in the amount the government can borrow while at the same time registering the disapproval of Congress for such a move.

The proposal is certain to be rejected by President Barack Obama and Democrats. Obama said Monday he would reject any short-term extension of the debt ceiling.

Senate Minority Leader Mitch McConnell, R-Kentucky, told reporters that the process he described would only occur if no agreement is reached by August 2 to raise the federal debt ceiling to avoid government default.

"If we're unable to come together, we think it's extremely important that the country reassure the markets that default is not an option," McConnell said.

However, Republican senators briefed on the plan described it as more of political messaging device than a viable option to avoid default.

Filed under: Debt • Senate Republicans
soundoff (54 Responses)
  1. Anthony

    Wisconsin is holding recall elections today. Why don't we have a recall election of the Congress to make sure that our feeling about Republicans can be registered right now?

    July 12, 2011 04:40 pm at 4:40 pm |
  2. SecedingfromTexas

    "....the GOP just blinked". "This is a no deal........." Man, I hope you are right, They just showed their "secret"
    contingency plan and shame knows no bounds. I hope it is a "no deal" and Obama takes them to woodshed.

    July 12, 2011 04:40 pm at 4:40 pm |
  3. Dominican mama 4 Obama

    @Rudy NYC:
    Enjoy your posts, and no I didn't forget. It did'nt get done then of course meaning that it had to get done in the very near future.
    Boxers train for their fight. Our President needs to flex his "trained" muscles, not blink, and go to town on these two-bit lying domestic hostage taking traitors.
    Now they are talking about "compromising",yeah right,as if. They wouldn't know a fair compromise if they were made to choke on one.
    Don't fall for the "okey-doke" Mr. President! As we say in collegiate wrestling: SQUEEZE and go for the pin.!
    Obama 2012

    July 12, 2011 04:42 pm at 4:42 pm |
  4. obama victim

    do not yield anything to Barry...remember...the goal here is to destroy Obama

    July 12, 2011 04:42 pm at 4:42 pm |
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