Mitch McConnell knows what he wants. That’s a very critical thing to remember when examining his new debt limit proposal, which would essentially transfer the power to raise the limit from the congress to President Obama. This may seem innocuous, but is a very political decision; forcing Obama to be the sole person taking an affirmative action to raise the limit, then giving congress a vote of “disapproval” that he’d likely have to veto feeds into the narrative of fiscal irresponsibility the GOP craves. The plan would also force Obama to re-up the limit three separate times before the 2012 election, which is theoretically a big political price to pay. Add in that the increase has to be paired with at least an equivalent amount of spending cuts, and what you see is less the grand compromise than what the GOP has wanted all along — spending cuts and no new revenues.