Senate Minority Leader Mitch McConnell (R-Ky.) is proposing a law that would give Obama the authority to raise the debt limit for the remainder of his first term. Under current law only Congress has the ability to raise the debt limit so the country can continue to borrow money to pay off any debt already spent.

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.