In the future, the Treasury said, the process to raise the debt limit would work as follows:
The president asks Congress for a debt-ceiling bump, and both chambers have 15 days to pass a resolution expressing their disapproval. If they do, the president can then decide whether to block his own debt-ceiling hike by signing the legislation or, more likely, vetoing the bill. If the bill is vetoed, a two-thirds majority of both chambers of Congress is needed to override him.
Treasury dubs the entire matter the “McConnell Provision,” but the Senate minority leader himself dismisses it. The original idea, he says, came at a particular moment – specifically, one at which Republicans won concessions from Democrats in the form of a boatload of spending cuts.
“The debt ceiling was raised last year only after the White House agreed to at least $2 trillion in cuts to Washington spending, and agreed to be bound by the timing and amount set by Congress – not [the president’s] own whim,” says Don Stewart, a spokesman for Senator McConnell. “The president wants to have the ability to raise the debt ceiling whenever he wants, for as much as he wants, with no responsibility or spending cuts attached. This is an idea opposed by Democrats and Republicans alike; it's a power grab that has no support here.”