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WHEELING AND DEALING McConnell to Obama: No Deal Alex Brandon / AP Photo

McConnell to Obama: No Deal

After a day of haggling, D.C. is no closer to a debt deal. GOP Senate leader Mitch McConnell shopped around a plan that would effectively give President Obama the authority to raise the debt ceiling. Under the plan, the president would officially request an increase in the debt ceiling along with a plan for $2.5 trillion in spending cuts. Congress would vote to approve or disapprove, but Obama would be able to veto its disapproval and increase the debt ceiling. The proposal appears to put the blame for increasing the debt ceiling on Obama—rather than on Republicans in Congress. But it’s unclear whether anyone’s biting. Obama might reject the plan, and many in the GOP may also oppose it, because it would effectively leave Republicans powerless to influence the type of cuts that Obama would put forward. McConnell didn't seem to confident that a plan would be reached: “I have little question that as long as this president is in the Oval Office, a real solution is unattainable.”

July 12, 2011 10:00 PM