It’s beginning to get out on the Hill. It’s complicated, but here is the gist as I understand it: Congress authorizes in legislation the president to submit a request for an increase in the debt limit in three tranches over the next year or so, with corresponding proposals for spending cuts; when the president submits his request, Congress immediately considers a resolution of disapproval; if the resolution passes, the president can veto it and–assuming his veto is subsequently upheld–he gets the increase in the debt limit. Got it? More later…
From the comments:
Uncledave Wasn’t that a “Schoolhouse Rock” episode?
Tom in SFCA Why doesn’t the GOP simply “deem” the debt limit increase to have passed. That would make everything cool, wouldn’t it?