Posted 5 days ago
Dozens of House Democrats have proposed legislation that would eliminate the debt ceiling, which would allow the government to borrow without any limit set by Congress.
The federal government hit the $31.381 trillion debt ceiling last week, and House Republicans are pushing for commitments to cut back on the record growth in federal spending before agreeing to allow more borrowing. But Democrats accuse Republicans of setting up the possibility of prohibiting a debt ceiling hike, which would make the government unable to fund all of its current obligations.
Democrats say a better idea is to eliminate all limits on federal borrowing and allow the government to borrow whatever it needs.
"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," said 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.
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The Biden administration and its Democrat allies in Congress have argued that raising the debt ceiling does not allow "new" spending, and only allows the government to meet its current obligations. But Republicans say congressional approval of new spending programs is what has repeatedly forced the government to keep hitting its borrowing limit, which has then forced Congress to keep raising the debt ceiling.... (Read more)