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. Bill101

    The Republicans never had a problem raising the debt ceiling under President Regan, President Bush, President Clinton, President Bush. The Republicans never meet a tax cut or a war they would not pay for or pay for?

    July 12, 2011 03:43 pm at 3:43 pm |
  2. kyle

    They want a short term solution so they can run their 2012 elections on the debt ceiling.

    July 12, 2011 03:45 pm at 3:45 pm |
  3. Doyle Wiley, MI

    Since the President has already said he would veto any short term bill, I guess the Republican are saying they don't have a fallback.

    July 12, 2011 03:46 pm at 3:46 pm |
  4. TampaMike

    Are these clowns serious? This is a joke right?

    July 12, 2011 03:51 pm at 3:51 pm |
  5. Gale

    No, the President would rather cut off our Social Security checks, than do away with the Congress or House of Representatives pay check. What a guy!!!

    July 12, 2011 03:52 pm at 3:52 pm |
  6. Liberal4Obama

    Like Nero the GOP fiddles while Rome burns

    July 12, 2011 03:54 pm at 3:54 pm |
  7. Dal From California

    JOKERS!! At the beginning of the talks we are looking for a long term solution and not a short term. Here we are given the short term solutions again. What about we stop paying the congress the paychecks. Further they have to pay for the SSTax and the MEdicare tax as well.
    This joke has been taken us to the level where we Americans look like IDIOTS who cannot be trusted to come up with a viable financial plan.

    July 12, 2011 03:58 pm at 3:58 pm |
  8. Mr. Wilson

    Is this a joke? Is he serious? So, no cuts in spending at all, just kick it down a few more months at a time. Then do the same thing again. Then the same thing again. Then the same....

    I think the Republicans just blinked....again.

    July 12, 2011 04:10 pm at 4:10 pm |
  9. Terri

    Why do they need to register their disapproval?

    July 12, 2011 04:15 pm at 4:15 pm |
  10. Sniffit

    BTW, serious Constitutional problems with this proposal. Obama can't accept it because of that...let alone that it's just an excuse for the GOP to try to shift ALL blame for the debt and deficit onto Obama and the Dems. What do you think they'd be doing when Obama looked for the authorization for part of that $2.4T? That's would allow the GOPers to avoid taking any responsibility for being in control of the House: they would force every Dem to vote for the debt ceiling increase and then hav the minimum number of GOPers vote for it such that it still passes but the maximum number of GOPers coudl say they voted against it. It's they're way of NOT BEING ACCOUNTABLE AND SHIRKING RESPONSIBILITY. THEY control the House. THEY own this vote. THEY want to drop it like a hot potato now that the noose is tightening. YOU TOOK THE ROPE GUYS, TIME TO PLAY BALL OF SWING FROM THAT CEILING FAN.

    Moreover, they'd use their majoiryt in the House to prevent passage of any cuts that Obama proposed under this offered procedure. They claim that the proposals were irresponsible, not serious, "job killing"...wouldn't matter what they were..they'd prevent Obama from being able to claim he passed spending cuts and then ramp up the claims that all Obama wants to do is spend spend spend.

    This is a no deal, from both a strategic and a constitutional perspective.

    July 12, 2011 04:16 pm at 4:16 pm |
  11. Sniffit

    Also: I'm suprised to learn Beaker has eyelids.

    July 12, 2011 04:16 pm at 4:16 pm |
  12. Rudy NYC

    Obama Mama wrote:
    The problem that I'm having is that this was something that we knew was coming wayyy back during the lame duck session.
    You forgot?!? It was not dealt with during the past Congress for the same reason that they did not pass a budget. They couldn't. The Republicans had promised to filibuster any budget bill or extension of the debt limit in the Senate.
    Republicans felt that they would take control of both chambers of Congress and would have free reign to impose their agenda on America. That is why nothing really got done until the lame duck session, and that stuff had little to nothing to do with money. Except, of course, for extending the Bush Tax Cuts. Filibusters. The GOP had promised and delivered filibusters on everything.

    July 12, 2011 04:16 pm at 4:16 pm |
  13. Rannick

    So... the long-term solution is higher taxes for rich folks and more money going to/through government... really?

    July 12, 2011 04:17 pm at 4:17 pm |
  14. Vic of New York

    If you are Republican, you must be sitting there admiring the morons you sent to Washington.

    July 12, 2011 04:18 pm at 4:18 pm |
  15. Joe from CT, not Lieberman

    Only a Republican would offer a compromise, then vote to renounce their own compromise. They really need to get off their party purity kick and do what is best for the country. My only hope is a portion of the Republicans will vote yes with all the Democrats, those same Republicans lose their party's nomination to a foam-at-the-mouth reactionary Tea Party goon, and the goon loses to the Democrats when the people realize just what a goon he is.

    July 12, 2011 04:20 pm at 4:20 pm |
  16. Sniffit

    "If you are Republican, you must be sitting there admiring the morons you sent to Washington."

    LOL. Check out Red State. You think liberals go apoplectic when Obama offers to compromise? These guys are ready to lynch McConnell haha

    July 12, 2011 04:21 pm at 4:21 pm |
  17. Former Republican, now an Independent

    Another charade to make the public think the republicans want to cooperate on something. These neo-cons have destroyed the republican party and won't be happy until they have destroyed the nation. There hidden agenda is to win the White House back and line their pockets and those of their wealthy contributors, all at the expense of working Americans.

    July 12, 2011 04:22 pm at 4:22 pm |
  18. Anthony

    Can we the voters register our disapproval of the Republican negotiating strategy- their way or the highway- right now?

    July 12, 2011 04:23 pm at 4:23 pm |

    They have that now, duh!

    July 12, 2011 04:23 pm at 4:23 pm |
  20. NC Independent

    Well tea party republicans I guess you are happy now. I hope you have some money for grandma when she doesn't get her social security check.

    July 12, 2011 04:24 pm at 4:24 pm |
  21. Rudy NYC

    keeping it real wrote:
    So the out of control spending by Democrats kills jobs, yet you continue to support them? The tax cuts did promote investments and growth, which in turn promote jobs. Just where do you think companies will get the money for further growth? Yeah, the consumers, which can no longer afford to invest in goods and services due to the higher cost and taxes.
    I don't support deficit spending. And the FY2011 budget was written by the House GOP, not the House Democrats, BTW. FY2009 was written by GWB. Over the past 3 years, the Democrats have written only one budget, FY2010.
    The Bush Tax Cuts have not created jobs. The "failed" Stimulus created more jobs in 2 years than the Bush Tax Cuts did in the previous 8 years combined.
    Those tax cuts go to people who are not likely to hire people. They go to partners at law firms. They go to hedge fund managers who don't hire anyone except a gardner because vacations are better. They go to CEOs, not the corporations.
    They are *personal* tax cuts, not small business tax cuts. Democrats have tried to pass cuts directly aimed at small businesses, which means filing your business separately, but Repbulicans have blocked it.

    July 12, 2011 04:25 pm at 4:25 pm |
  22. The Real Tom Paine

    Nice. The World Economy dependent on the debt-ceiling version of continuing budget resolutions. It seems as though the threats to our livelihood are on the domestic front, not in the mountains of Afghanistan.

    July 12, 2011 04:25 pm at 4:25 pm |
  23. master11

    Senator Barack Obama Explaining his 2006 Vote Against Raising the Debt Limit

    January 4, 2011 11:49 A.M. By Andrew C. McCarthy
    From Sen. Obama’s Floor Speech, March 20, 2006:

    The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here.” Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

    At the time, Senator Obama was urging Congress not to tolerate an increase that would bring the debt ceiling to $9 trillion. Under President Obama, the debt ceiling has been raised to $14.3 trillion. Even without counting most unfunded liabilities, the national debt is now calculated to be nearing $14.1 trillion. It increases about $4.22 billion per day (each citizen’s share stands at roughly $45K). Thus, Democrats will soon demand that the debt ceiling be raised, lest the sky fall. When they do, they will be asking for a significant boost in a ceiling that is already 60 percent higher than the one Barack Obama said was “a sign of leadership failure” five years ago

    July 12, 2011 04:30 pm at 4:30 pm |
  24. FM

    Republicans like very much the game of playing with fire. Watch out this time you gonna be burnt completely into ashes.
    All folks understand who is playing with their well-being. Be so afraid!

    July 12, 2011 04:32 pm at 4:32 pm |
  25. Billy

    Total cave by the GOP. A shame it comes to this rather than the Republicans in Congress doing their job.

    July 12, 2011 04:39 pm at 4:39 pm |
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