Senate Dems Eying End-Of-Week Consideration On Plan B Debt Ceiling Bill

[Derechos]

WASHINGTON -- Democratic Senate leadership is preparing to introduce a compromise debt ceiling bill to the floor as early as the end of this week, in hopes of getting something through the legislative process before the Aug. 2 deadline to raise the country's debt limit or risk default.

The plan, according to a top Senate Democratic aide, is to wait until both chambers vote on the cap, cut and balance measure, which would slash federal spending, tie it to a percentage of Gross Domestic Product, and secure a balanced-budget amendment to the Constitution. That measure, preferred by conservatives, is expected to pass the House of Representatives before likely falling short of the votes needed in the Senate. Once that process is done, the aide said, Senate Majority Leader Harry Reid (D-Nev.) will start consideration on the debt-ceiling proposal hatched by Minority Leader Mitch McConnell (R-Ky.), which would give the president the authority to raise the debt ceiling while vetoing corresponding, commensurate spending cuts.

"Plan B could be ready to move on the floor by the middle of this week," the aide said. "But that action on it probably will not occur till after the Balanced Budget vote."

Such a legislative timeframe is considered optimal, though President Obama has stressed that he wants a bill introduced and agreed upon by July 22. A GOP leadership aide cautioned, "Wednesday and Thursday would be awfully early to go to this last resort."


http://www.huffingtonpost.com/2011/07/18/senate-dems-consideration-plan-b-debt-ceiling_n_901471.html

[PoliticAverse]

1. One problem is that there's no clear "absolutely last minute" time...

Is it July 22nd?
Is it August 2nd?
Is it some time after August 2nd when the Treasury finally can't make a securities payment?

[blkmusclmachine]

2. This is all such a BS game. They already know what's going to come down.