Basically, instead of needing Congress to approve an increase in the debt ceiling, what McConnell is calling for is Obama to have the ability to call for the increase himself. Congress would then vote on the ability to block it (which they would need a 2/3 majority), rather than approve it. So, in all essence, the Executive Branch would have the power to increase the debt limit as they please.

In other words, all that fuss we’ve been kicking up for the past X months, never mind.