Cantor rejects debt ceiling plan proposed by Senate Republicans
A day after Senate Republican Leader Mitch McConnell proposed a backup plan to raise the debt ceiling if a deficit reduction deal with Democrats can’t be reached, House Majority Leader Eric Cantor torpedoed the proposal, saying it doesn’t have any chance of passing in his chamber.
“Currently, there is not a single debt limit proposal that can pass the House of Representatives,” Cantor, R-Virginia, said in a statement Wednesday. Though the statement does not directly refer to McConnell’s plan, Republican congressional sources said Cantor intended to make the point that the Senate GOP leader’s proposal is not going anywhere in the House.
McConnell’s proposal would allow President Barack Obama to make three short-term increases to the debt ceiling between now and the end of 2012.
Congress could vote against an increase by passing a resolution of disapproval to Obama’s move, and the president could then veto the resolution of disapproval.