As the rhetoric continues over the so-called “fiscal cliff", Senate Minority Leader Mitch McConnell says a permanent debt ceiling increase is “not going to happen.”
McConnell went to the Senate floor to argue against President Obama’s call for authority to permanently raise the debt limit. The Republican from Louisville says giving the President that authority would be a step in the wrong direction and could make it more difficult to reduce federal spending.
McConnell says several Democrats have indicated they won’t support President Obama’s debt ceiling plan, and he assured members of the Senate that plan is “not going to happen.”
The President addressed a business group earlier this week and said the nation needs a way to avoid a debt ceiling crisis, “without drama or delay.” The President is asking for unprecedented power to raise the debt limit in his proposal to deal with the fiscal cliff issue.