If you want a description of how the plan would work, Jennifer Rubin has it. The key part:
The initial legislation would authorize the President to submit a request to Congress asking to increase the debt limit by $700 billion and would require submission of a plan to reduce spending by a greater amount.So the questions are what McConnell means by "submission of a plan" and "spending." I can imagine lots of different ways to write that up, and the effects would range from basically giving the GOP everything they want (while shifting all the blame for the unpleasant parts to the Democrats) to, effectively, giving the GOP nothing of what they want. And without knowing that, it's impossible to guess about whether this thing is a real proposal that might get enacted and move everyone off the debt limit, or just a short-lived gimmick to give McConnell a talking point. The Hill has a bit more, but I'm not quite sure how definitive it is.
More, perhaps, later.