However, according to TPM the plan would have some strings attached that would heavily favor Republicans and allow them to continue to drag out the debt ceiling debate through the next election.

The plan would require Congress to pass a bill allowing Obama to raise the debt limit on his own, contingent on a series of steps: Obama would have to notify Congress of his intent tor raise the debt limit — a high-sign to Congress that would be subject to an official censure known as a “resolution of disapproval,” and which Obama could veto. If he vetoed the resolution, and if Congress sustained the veto, then Obama would also have to outline a series of hypothetical spending cuts he’d make, equal to the amount of new debt authority he’d give himself. Only then would the Treasury be allowed to issue new debt.

McConnell proposes rolling out this process in three tranches, to force Obama to request more borrowing authority, and to force debt limit votes in Congress, repeatedly through election season.

If Congress fails to raise the debt ceiling limit before August 2, 2011, the U.S. will default for the first time in its history, which will cause U.S. credit ratings to be downgraded and could potentially push the country into a deep recession or depression. A default of the U.S. government could also lead to instability in world markets.

President Obama wants spending to be reduced by 3 trillion dollars over the next 10 years to be coupled with any debt ceiling increase.

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Raised the level of real (inflation-adjusted) gross domestic product (GDP) by between 1.7 percent and 4.2 percent

Lowered the unemployment rate by between 0.7 percentage points and 1.5 percentage points

Increased the number of people employed by between 1.2 million and 2.8 million, and

Increased the number of full-time-equivalent (FTE) jobs by 1.8 million to 4.1 million compared with what those amounts would have been otherwise. (Increases in FTE jobs include shifts from part-time to full-time work or overtime and are thus generally larger than increases in the number of employed workers.)

You can read the full CBO post here.

The military units would penetrate Iranian territory to reconnoitre potential nuclear targets and make contact with friendly dissident groups, according to a secret directive written by General David Petraeus. The document’s existence was disclosed for the first time yesterday.”

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The Government Accountability Office said that individuals on the terrorist watchlist attempted to purchase potentially legal equipment 1,228 times in the past six years.  Background checks were ran on all of these individuals and they were easily identified as being on the terrorist watchlist.  Out of the 1,228 potential terrorists that attempted to legally purchase guns and explosives 1,119 of them were allowed to.  The statistics show that this is not something that rarely happens.  If terrorists are allowed to legally purchase weapons in this country, then it gives them easy access to anything they need to pull off a terrorist attack.

The National Rifle Association and gun lobby are adamantly opposed to the bill that would close this “terror gap,” H.R. 2159.  They argue that even though they are potential terrorists, they have a right to purchase weapons and deadly explosives.  Republicans are backing the NRA and attempting to block the legislation.

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