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LAST RESORT McConnell Debt Plan Gains Steam Alex Brandon / AP Photo

McConnell Debt Plan Gains Steam

GOP Senate leader Mitch McConnell’s backup debt plan certainly has detractors, but it’s gaining support from high places as U.S. default looms closer. McConnell’s plan would allow the president to unilaterally raise the debt limit in three installments through 2012. House Speaker John Boehner said, “If we’re unable to get an agreement, it might look pretty good a couple of weeks from now.” House Minority Leader Nancy Pelosi said anyone who hopes to raise the debt ceiling should be saying “Bravo to Senator McConnell.” Obama wants to know by Friday if a compromise deal can be struck—if not, he’ll look for alternative routes. Obama has previously said that he will not rule out any proposal except for a short-term debt-ceiling increase.

July 14, 2011 7:43 PM