House Minority Leader Nancy Pelosi (D-CA) said at a press conference on Friday that she supports a White House plan presented to House Republicans that would grant President Obama power to raise the country’s debt limit without Congressional approval.
The plan, via the New York Times, came from Treasury Secretary Tim Geithner on Thursday:
To ensure that there are no more crises like the debt ceiling impasse last year, Mr. Geithner proposed permanently ending Congressional purview over the federal borrowing limit, Republican aides said. He said that Congress could be allowed to pass a resolution blocking an increase in the debt limit, but that the president would be able to veto that resolution. Congress could block a higher borrowing limit only if two-thirds of lawmakers overrode the veto.
