McConnell's plan, presented to his caucus at its weekly luncheon, would require Obama to make three separate requests to raise the debt limit. Congress could pass resolutions of disapproval to block the requests, but those actions would require two-thirds support in both chambers, to override expected presidential vetoes. McConnell's proposed plan would require Obama to request three tranches ranging between $700 billion and $900 billion. Those requests would be made at the end of this month, later this fall and in the summer of 2012.
The proposal would require Obama to recommend a greater amount of spending cuts for every dollar he requests to raise the debt limit.
At a press conference, Reid qualified his potential support by saying that he does not know much about the plan. He said McConnell outlined it to him in a brief telephone conversation at about 12.30 p.m. Tuesday. Their chiefs of staff have been in communication, as well.
Reid added that he and McConnell would meet at the White House later in the afternoon. He said he would do his "utmost to take that [plan] into consideration."