King Barack wants the power to unilaterally raise the debt ceiling without a vote from Congress whenever it suits the needs his Most Royal Majesty. He wants to use his new power immediately to decree a new $50 billion Royal Boondoggle.
The administration also sought at least $50 billion in new economic stimulus spending.
Obama’s negotiators also sought the ability to raise the nation’s borrowing limit unilaterally. Currently, Congress must approve an increase in the debt ceiling, and it was an impasse over that issue that brought the country perilously close to default in 2011.
The administration’s proposal would put off across-the-board spending cuts for a year.