The proposal:

Give the President the power to unilaterally raise the debt ceiling by identifying specific cuts that match the increase.  The plan would provide that Congress must have veto-proof power to override the President's selection of cuts.  The ability of the President to raise the Debt Limit would be capped at $2.5 Trillion.       

"The way it would work is the legislation would authorize him to get to the amount he says he needs based upon the advice of his Secretary of the Treasury in three tranches: The first tranche, $700 billion, the second tranche $900 billion, the third tranche $900 billion.

Once the request is made it would be appropriate in either or both houses for a resolution of disapproval to be taken up on an expedited procedure. If that expedited procedure in both the House and the Senate -- if the resolution of disapproval achieved a majority -- it would go down to him where he could either sign it or veto it. My assumption is he would veto it. And that veto would be sustained by one-third-plus-one in either of the houses."

Read Article in TPMDC

I oppose this idea for a number of reasons:

1. It abdicates the power of the Congress and gives it to the President.   I believe this sets a dangerous precedent.
2. I do not trust this president.  What control is there to ensure the President does not cut expenditures like Homeland Security or Defense in favor of payments to cronies? 
3. This provides the President the authority to raise the Debt Limit to $16.8 Trillion.  This is an increase of 17.5% without a plan to retire that debt.

We are in need of an executive, managerial decision here and McConnell has offered a political decision.  I favor no increase to the debt limit without the inclusion of a binding schedule that shows how the new debt as well as the existing $14.3 Trillion debt will be gradually retired.  As the debt is retired the debt limit must decrease simultaneously.

If the President has the power to raise the debt limit by $2.5 Trillion, regardless of whether he identifies offsetting cuts this will leave that new debt limit at $16.8 Trillion to a later Congress that would be free to spend to that new level without consequence?   

I could be convinced to increase the Debt Limit but only to $15 Trillion and only if the legislation offers the following:

1. A legal requirement that the Congress retire debt as an appropriated amount with annual step-downs that are of material consequence over the next five decades.   
2. A Balanced Budget Amendment to the Constitution
3. A cut of 20 to 25% of the non-defense federal payroll.  This should come in the form of both wage and permanent grade reductions.  
4. A reduction in non-defense Full Time Equivalent employees of 25%. 
5. The sale of excess federal lands permanently restricted to US Citizens (proof required) with proceeds directed only to retire debt and immediately reduce the Debt Limit. 

Further ideas intended to satisfy the nation's debt problems are contained in How to Deal With the Debt.  But before we do anything we must prepare a plan as to how all of our debt will be retired and that plan must be a part of the legislation.  If this nation runs a surplus in any year, that surplus must be dedicated to the retirement of existing debt. 

Any revenues realized that are in excess of anticipated revenues must be automatically appropriated to retire existing debt. 

As debt is retired the new debt balance must automatically be identified as the new Debt Limit.