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The president urged congressional leaders to turn the plan into a bill that could be voted on as soon as possible, noting that the clock is ticking towards an August 2 deadline for raising the federal borrowing limit. Without action, the United States risks defaulting on its debt obligations.
Speaking with reporters, the Senate’s top Republican, Mitch McConnell, would only say that the Gang of Six proposal merits consideration. On the Democratic side, Majority Leader Harry Reid praised the work done by the Gang of Six, but questioned whether enough time exists to enact the gang’s far-reaching proposal before August 2, given the often-cumbersome rules that govern Senate proceedings.
“I do not want to do anything to jeopardize the enthusiasm people have for the Gang of Six," said Reid. "But I understand what the rules of the Senate are.”
Senators Reid and McConnell have been working on a plan of their own that would allow President Obama to raise the debt ceiling in installments without majority votes in Congress. It is seen as a fallback plan in the event that debt negotiations fail. If enacted, it would avert the immediate threat of default, but would do little to fix America’s long-term fiscal woes.