Obama proposed that Congress cede its power over the debt ceiling to the executive branch as part of a deal to adjust the pending tax hikes and spending increases that will hit next year. Along with the debt-ceiling proposal, Obama proposed $1.6 trillion in taxes and $400 billion in spending cuts, plus a new $50 billion stimulus program.

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Republicans have rejected each of these components, and said the deal as a whole relies too much on tax hikes that will crush the economy. Republicans also fear the ever-increasing debt, and Fleming said Wednesday that the GOP can't give away this authority in light of the record-setting deficits that have occurred under Obama's watch.

"The most important threat to our nation's economy today is our debt ceiling and what we do with it," Fleming said. "We're in our fifth straight year of trillion dollar annual deficits, and the president wants to have power that, according to the Constitution, sits with the Congress.

"He's really asking for a blank check, for Congress to abdicate power to him so he can raise the debt ceiling as he pleases."

Fleming added that he and those supporting the resolution want to ensure the U.S. maintains a three-part government, "not a kingship and not an emperor."

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