Democrats Push to Eliminate Debt Ceiling
Dozens of House Democrats I have introduced legislation to eliminate the debt ceiling. This would allow the government borrow without limitation from Congress.
The federal government reached the $31.381 trillion debt ceiling House Republicans called for commitments to reduce the record-setting growth in federal spending last week before they allow further borrowing. Democrats accuse Republicans, however, of creating the possibility of prohibiting the debt ceiling increase which would render the government unable fund its current obligations.
Democrats believe it is a better idea to remove all federal borrowing limits and let the government borrow what it wants.
CONSERVATIVES SHARPEN THEIR SPEARS FOR HISTORIC DEBT CEILING FIGHT
Reps. Pramila Japal, D.Wash., & Sheila Jackson Lee D.Texas are both Democrats who support legislation to eliminate the debt limit. (Alex Wong/Getty Images)
“Weaponizing the debt ceiling and using it as a pawn in partisan budget negotiations is dangerous and repeatedly brings our nation to the brink of default, which would be disastrous to the U.S. economy – something we’ve witnessed as recently as 2011 when Republicans created a debt ceiling crisis that resulted in the first ever downgrade to the U.S. credit rating,” Rep. Bill Foster (D-Ill.
“The government has an obligation to pay its bills,” He added. “Threatening to default on our debt is the same as ordering an expensive meal at a restaurant, eating it, and skipping out without paying. We can and should have a real conversation about overall spending, but the full faith and credit of the United States must never be compromised.”
Foster’s bill is the End the Threat of Default Act, and it’s cosponsored by 42 House Democrats including Reps. Pramila Jayapal of Washington, Sheila Jackson Lee of Texas, Gerry Connolly of Virginia, Rashida Tlaib of Michigan and Barbara Lee of California.
Janet Yellen, Treasury Secretary, has stated that the debt ceiling must be raised by the end of the summer to ensure the government can continue to meet its obligations.
(Reuters/James Lawler Duggan)
The Biden administration and its Democrat allies at Congress argue that raising debt ceiling is not permissible. “new” spending and allows the government only to meet its current obligations. Republicans argue that Congress’ approval of spending programs is what has made it difficult for the government repeatedly to hit its borrowing limit. Congress then has to keep raising the debt limit.
The national debt was $9 trillion before the 2008 housing crisis. This amount more than tripled in 15 years to $31 trillion thanks to programs such as the housing bailout, 20-years of military presence in Afghanistan, COVID disaster response measures and routine funding increases to defense and social programs.
COVID drove federal spending up to new records, and the government continues its spending at these levels even though the emergency is over.
Biden has called on Congress to increase the debt ceiling immediately, with no strings attached. Republicans however want to negotiate spending cuts.
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In fiscal 2019, the federal government spent $4.4 Trillion, just before COVID was implemented. It spent $6.5 Trillion in FY 2020, $6.8 Trillion in FY 2021, $6.3 Trillion in FY 2022.
Biden said last year that the pandemic is “over,” The government will continue to spend more than $6 Trillion in the current fiscal year.
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Biden wants a blank check. However, Republicans this week pointed out that Vice President Joe Biden supported bipartisan negotiations over the debt ceiling in 2011. Biden was quoted as saying in a Washington Post article from 2011 that “everyone wants an agreement” The debt ceiling “bends the curve on long-term debt.”
Last week, the Treasury Department stated that it has reached the debt ceiling and will stop funding federal worker retirement plans temporarily to avoid borrowing more. It also said that an increase in debt ceiling will be required by the summer.
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