McConnell-Reid Debt Ceiling Fail Safe Option Hanging By A Thread

WASHINGTON — The fail-safe debt ceiling plan crafted by the Senate’s top two leaders, Harry Reid (D-Nev.) and Mitch McConnell (R-Ky.) – is close to being put on political life support, those familiar with negotiations tell The Huffington Post, as lawmakers coalesce around a major deal instead.
Sources on the Hill Thursday morning expressed a newfound — at times defeatist — sense of worry about the political prospects of the proposal, which would cut roughly $1.5 trillion over ten years while granting authority to the president to suggest (but not sign off on) future spending cuts as a condition of raising the debt ceiling now. House Republicans have told leadership that they are sour on the idea, with more than 90 members pledging to oppose it. Another factor contributing toward its demise, however, has been the Obama administration‘s decision to continue to push for a bigger deficit-reduction package, which has led many lawmakers to consider the McConnell-Reid option both insufficient and potentially unnecessary.
“I think it is certainly an uphill battle now,” a Hill Democrat said of the McConnell-Reid plan.
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