Via Chicago Tribune:
WASHINGTON — A plan by the Senate's two top leaders to allow President Obama to raise the debt limit without congressional approval is emerging as the most likely strategy to avoid a looming federal default.$1.5 trillion over ten years is nothing short of kicking the can. This government needs to get its budget balanced and stop spending more than it takes in. Period. Of all the Republican leaders, House majority leader Eric Cantor has been the one who has been presenting the Tea Party stance more than anyone else but it would seem that Boehner, et. al. are roping him back in to the establishment fold.
The plan being drafted by Senate Minority Leader Mitch McConnell of Kentucky and Majority Leader Harry Reid of Nevada would lock in roughly $1.5 trillion in deficit reduction over the next ten years — a figure considerably smaller than Republican leaders or President Obama had been seeking.
Administration officials have said they still would prefer a more sweeping deal on the deficit, but they signaled the idea would be acceptable to Obama.
Conservatives, particularly in the House, seem likely to oppose it. But with efforts to deliver a larger deficit-reduction deal still stalemated, the new plan, which builds on a proposal put forward earlier in the week by McConnell, could provide a way out of a dead end that has become politically and economically perilous.That is disheartening news. Any time Republicans attempt to work with Harry Reid, there is nothing good that can come out of it. Nothing. Yet, once again, the Republican establishment appears too weak to stand up to their Democrat counterparts.
House Speaker John Boehner (R-Ohio) indicated such "last-ditch" efforts may become more palatable in the time ahead.
"What may look like something less than optimal today, if we're unable to get to an agreement, might look pretty good," Boehner said.
Rep. Eric Cantor (R-Va.), the House majority leader, toned his hard-line stance Thursday, saying, "There is a dose of pragmatism in all that we do."
h/t Weasel Zippers