Mitch McConnell's Debt Ceiling Plan: Brilliant Move Or Act Of Desperation?

05:35

July 13, 2011

Senate Minority Leader Mitch McConnell of Ky., left, and Senate Minority Whip Jon Kyl of Ariz., leave after a news conference on Capitol Hill in Washington, Tuesday, July 12, 2011. (AP)

How is Senate Minority Leader Mitch McConnell's plan to give the President the power to increase the debt ceiling resonating in Washington?

South Carolina Sen. Jim DeMint, who helped give rise to the Tea Party, is not a fan. He told CBS, "Republicans weren't elected last November to make it easier to spend and borrow and add to our debt."

Democratic leaders say they want to study the plan first.

Under McConnell's proposal, Congress would give the President the power to increase the debt ceiling by up to $2.5 trillion, as long as he simultaneously proposed spending cuts of greater size. Congress would need to muster a two-thirds majority to veto any increase. McConnell said he was forced to introduce the plan because he didn't see a path to an agreement so long as Democrats insist on revenue increases.

Meanwhile, Pres. Obama and congressional leaders will meet again late this afternoon to try and hammer out a deal.

Bipartisan Policy Center: See for yourself what the U.S. government pays out each day. What would bills would you leave unpaid?

Guest:

Gail Chaddock, Christian Science Monitor senior congressional correspondent

This segment aired on July 13, 2011.