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This plan, which Heritage calls the "Just-Borrow-More" plan, simply allows the President (who, IMHO, doesn't have the Constitutional mandate to borrow money--that's one of the functions of the Legislature or Congress) to borrow money as he wishes.
This plan would require a 2/3 majority of Congress to STOP the Presidential borrowing.
Thus, the end result of McConnell's plan is to raise the debt ceiling. Period. Without any cuts in spending.
Moody's has said that the U.S. credit rating will suffer if
1) The federal government defaults on its payments; and
2) The federal government doesn't stop spending so wildly.
McConnell's plan does NOTHING to stop spending.
Thus his plan will lead to a downgrading of the U.S. credit rating, which will lead to higher interest rates, which will further increase the U.S. debt and depress the economy.....
and so on and so on and so on......
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