In it, but not of it. TPM DC
McConnell's plan, as described in detail here, would hand President Obama the power to raise the debt ceiling unilaterally, but leave the political onus for doing so on the Democratic party -- forcing members to vote on the issue repeatedly between now and the 2012 election. In the end, it would be functionally equivalent of a clean debt-limit bill -- if it met constitutional muster.
This basically nixes the GOP's leverage to set the terms of the debt debate. If default is off the table, and the Republican leaders in both the House and Senate are endorsing backup plans, then either there will be a genuinely bipartisan debt and deficit deal, or the debt limit will be raised with merely symbolic muss and fuss.