Treasury Official Says Congress Should Empower Obama To Raise Debt Limit Himself

PATTERSON: "You know what would send a much more powerful message? If Congress goes ahead and enacts a law to do away with debt limit brinksmanship forever. And that is not hard to do. In fact, a version of it that is actually inserted into the law they passed last night. All it would need, all that would need to be done is make it permanent. Named after Senator McConnell, his provision. I think doing something like that would reassure the world in a way that no statements, no interviews in National Review or elsewhere could do. It would really send tremendous message to the world that we are not a scofflaw nation, we are going to pay our debts. And we are still the stable country that lead the world in economic policy."
O'DONNELL: "Mark, you of course have read every word of the bill they passed last night. Can you amplify what the provision is you are talking about?"
PATTERSON: "The way it works, Lawrence. This was actually used to raise the debt limit a couple of years ago. Senator McConnell authored the provision that sort of inverts the process. What it does is allows the president to raise the debt limit. And, and Congress has a chance to disapprove that increase if they want to. But of course it would take a law to do that. Would have to pass through both Houses with the president's signature. Very unlikely that such a law would pass. So, it, maintains Congress' congressional authority over borrowing -- and it gives them that oversight, that ability to object. But it does not allow the threat of default to be an ever-present overhang over the economy."