McConnell: Only Boehner's plan solves debt crisis

July 27, 2011 - 9:14 AM

WASHINGTON (AP) — Senate Republican Leader Mitch McConnell says the House GOP's debt deal is the only option left that would avoid default without raising taxes.

From the Senate floor Wednesday, the Kentucky Republican credited House Speaker John Boehner with proposing a plan and revising it after the Congressional Budget Office said it would not save as much taxpayer money as Republicans had predicted. McConnell said the plan would remain the only one that could resolve the crisis before an Aug. 2 deadline without "budget gimmicks."

Congress is racing to agree on a debt limit plan that President Barack Obama would sign. The White House had threatened a presidential veto of Boehner's proposal in the event it was passed by Congress.