Uh-Oh. We are sooo screwed.
Harry Reid today praised Minority Leader Mitch McConnell’s plan to increase the national debt.
The Politico reported:
Senate Majority Leader Harry Reid on Wednesday praised Republican Leader Mitch McConnell for putting forth a plan to raise the debt ceiling, calling it a “serious proposal” that he’s continuing to study.
“He spent a great deal of time working on this. I commend him for his thoughtful and unique proposal, something that we have to look at very closely,” Reid, a Nevada Democrat, said on the Senate floor. “I’m heartened by what I read. This is a serious proposal, and I commend the Republican leader for coming forward with it.”
McConnell laid out his plan on Tuesday as he signaled bipartisan negotiations to raise the debt ceiling by the Aug. 2 deadline were beginning to look “increasingly pessimistic.” His proposal, which he referred to as a “last-choice option,” would give President Barack Obama new power to raise the nation’s $14.3 trillion debt ceiling without corresponding spending cuts.
Reid said he would discuss the plan with his Democratic caucus later Wednesday. “I’m studying it and discussing it with my senators,” he said.
McConnell’s proposal, coupled with ideas the two leaders have been discussing to lift the debt ceiling, “could go a long way toward resolving the impasse we now find ourselves in,” Reid said. “We both agreed a long time ago the problem is not the president’s. It’s our problem. It’s every American’s problem, and certainly every member of Congress.”
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The plan to increase the debt limit remains unpopular. More Americans want their member of Congress to vote against such a bill than for it, 42% vs. 22%.
The Weekly Standard has more on the pitfalls of the plan and how Republicans will be blamed when for defaults.