Senate Minority Leader Mitch McConnell (R-Ky.) proposed Thursday that the Senate hold an immediate vote on a proposal from President Obama that would essentially give the president the ability to unilaterally raise the nation's debt ceiling.

"Look: the only way we ever cut spending around here is by using the debate over the debt limit to do it. Now the President wants to remove that spur to cut altogether. It gets in the way of his spending plans," McConnell said on the floor of the Senate. "I assure you: it’s not going to happen. The American people want Washington to get spending under control. And the debt limit is the best tool we have to make the President take that demand seriously."