Chuck Schumer has lived up to his word.  He promised he would introduce a new bill in the Senate called the “McConnell Rule”.    The “rule” would grant the president, and subsequently the Treasury Secretary, unlimited capability to raise the debt ceiling as they needed.    Congress could only vote to STOP the debt ceiling from being raised, and it would take a super majority, 66 votes, (2/3rds) to block it.
Called the McConnell Rule because unbelievably it was the brainchild idea of Republican Kentucky Senator Mitch McConnell.    
However, because McConnell is in a highly contested primary, Chuck Schumer and Barbara Boxer (yes you read that right) are sponsoring the measure on McConnell’s behalf.  They are calling it the “Pay Our Bills Act”.
WASHINGTON DC – Democratic senators have introduced legislation that would grant President Barack Obama, and subsequent presidents, the authority to increase the legal limit on the federal government’s debt unless Congress subsequently voted to disapprove the increase.

The bill would effectively take elected members of Congress off the hook for approving an increase in the debt. If the president certified that he was going to increase the debt limit, Congress could simply let him do it without taking a vote–and putting members on the record.
Article 1, Section 8, Clause 2 of the Constitution gives Congress, not the president, the power to borrow money. It says: “Congress shall have power … to borrow money on the credit of the United States.”
Sens. Chuck  Schumer (D-N.Y.), Barbara Boxer (D-Calif.) and Mazie Hirono (D-Hawaii) have introduced the Pay Our Bills Act, which would “permanently allow Congress to disapprove debt ceiling increases, instead of approving them.”  (READ MORE)