McConnell offers last-ditch solution to debt crisis

Senate Republican leader Mitch McConnell says Congress should give President Barack Obama the power to raise the debt ceiling unilaterally, but require the White House to submit spending-cut proposals to Congress for a series of votes in the run-up to the 2012 elections. The plan, which would allow Obama to raise the debt ceiling in three distinct stages, would allow Republicans to vote against debt-ceiling increases without forcing the U.S. into default. The plan met with a tepid response from administration officials and strong opposition from some Republicans, with Newt Gingrich calling the plan "an irresponsible surrender to big government."

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