From TALKING POINTS MEMO:
Senate Minority Leader Mitch McConnell (R-KY) has proposed creating an escape hatch for Congressional Republicans, who have put themselves in a box by threatening not to raise the national debt limit if Democrats don’t agree to trillions of dollars in cuts to popular social programs.
The plan is designed to give President Obama the power to raise the debt limit on his own through the end of his first term, but to force Democrats to take a series of votes on the debt limit in the months leading up to the election. This would stave off the threat of defaulting on national obligations, but keep the charged issues of debt and spending at the center of political debate for months.
The development confirms suspicions that the GOP was unwilling to truly use the looming debt ceiling as leverage to force conservative-friendly changes to popular entitlement programs, but suggests strongly that Republicans plan to continue politicking on fiscal issues through the 2012 elections.