This was discussed on NBC’s Meet the Press Sunday – With Senator Chuck Schumer announcing his intention to bring up this new fiscal rule.

Essentially, instead of Congress having to vote to raise the debt ceiling, the Executive Branch would have unlimited ability to raise it and Congress could only vote to *disapprove it*.   Meaning, a super-majority would be needed in the Senate (66 votes) to BLOCK the President from raising the debt ceiling.
It is called the “McConnell Rule” because, unbelievably, it was Republican Senator Mitch McConnell’s idea. Go figure.…
(Via National Review Online) Senator Chuck Schumer (D., N.Y.) is planning on introducing legislation containing Senator Mitch McConnell’s proposal to change the debt ceiling and weaken Congress’s power over it.

“One way to avoid this from happening again is for us to implement the McConnell rule, which says that Congress must disapprove rather than approve increases in the debt ceiling,” Schumer said on Meet the Press. “If we were to do that, the chances of going up to the brink again, the chances of this kind of debacle would decrease. I’m going to introduce legislation to do just that, and it would really help.”