Senate Minority Leader Mitch McConnell (R-KY) proposed a "contingency" plan for raising the debt ceiling Tuesday afternoon.
Saying the "Senate will absolutely not be a party to a default," McConnell described a procedure allowing Obama to formally request a debt ceiling increase, for Congress to consider with a "motion to disapprove."
Only one-third-plus-one votes in the both houses would be needed to raise the debt limit under the plan.
McConnell said spending cuts would not necessarily be a part of the deal, which would raise the debt ceiling by $2.5 trillion in three tranches before the 2012 election.
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