Legislative Magic Trick May Prove Debt Ceiling Remedy (NYT)

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http://www.nytimes.com/2011/07/19/us/politics/19fiscal.html

In Debt Crisis, a Legislative Trick Up the Sleeve
By CARL HULSE

WASHINGTON — With Republicans and Democrats still deeply divided over how to shrink the budget deficit and the national debt, the only way for them to avoid a financial crisis at this late date may be to perform a legislative magic trick.

The idea, conjured by Senator Mitch McConnell of Kentucky, the Republican leader, would allow Republicans to accede to an increase in the government’s debt limit without actually voting for it or giving in to President Obama’s demand for tax increases as part of any deal.

It would give the White House a way out of the box that it is in and avert a potential deeper blow to the economy. And it would allow Democrats to head into an election year having backed substantial spending cuts without having, so far, buckled to pressure to bite into the entitlement programs that represent core values to many liberal voters.

That, at least, is the goal of the approach offered last week by Mr. McConnell, who continued to work with Senator Harry Reid, the Democratic majority leader, on Monday to refine their fallback proposal even as the parties exchanged fire leading up to coming floor fights in the House and Senate over a Republican deficit-reduction plan. The Senate leaders are developing cuts and other deficit-reduction provisions to provide some lubricant to pass the measure, which has been ridiculed by many Republicans as a slick effort to dodge accountability.