US financial markets lifted today, possibly as it digested the new plan by top Republican Senator Mitch McConnell to prevent the US from defaulting next month by handing over Congress’s debt ceiling power to the White House — and with it any political fallout. Depending on who you ask, either Republicans have solved the debt ceiling crisis or Jar Jar Binks is about to hand absolute power to Chancellor Palpatine.
His fellow Republicans were lukewarm to the idea, and in many cases outright apoplectic. Utah congressman Jason Chaffetz tweeted a widespread reaction: “Don’t know what in the world McConnell in the Senate is thinking. Wow. Stupid idea.” Speaker John Boehner was more diplomatic, but quietly suggested it would not pass the House.