McConnell’s ‘Last-Choice’ Debt Proposal Gets Mixed Reviews
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Senate Republican leader Mitch McConnell’s offer to hand President Barack Obama unilateral power to raise the national debt ceiling got a warmer reception on Wall Street than it did on Capitol Hill, where lawmakers on both sides of the aisle raised concerns.
While the proposal gave some market analysts confidence that the U.S. will avert default, Republicans like Senator Tom Coburn and some Democrats like Senator Kent Conrad rejected it as a political hoax that fails to address the debt. Leaders from both parties in the House and Senate either offered cautious praise or held back from publicly criticizing the plan.