"Growing number of Democrats endorse abolishing debt limit"
Posted on 10/09/2021 3:43:23 AM PDT by Libloather
**SNIP**
The calls for taking the near-annual fight out of lawmakers' hands are coming from prominent voices such as House Budget Committee Chairman John Yarmuth (D-Ky.) and Treasury Secretary Janet Yellen, who want to eliminate the debt limit in its current form.
They argue that members of Congress should not be able to use the threat of a debt default as political leverage ever again - an approach that would respond to GOP stonewalling by playing some hardball of their own.
Although lawmakers are poised to stave off a national default barely a week before the Oct. 18 deadline, when the U.S. is projected to breach the debt ceiling, they'll have to deal with it again in December when the latest short-term extension expires.
That's leading some Democrats to propose longer-term solutions, like taking the authority away from Congress or exempting bills related to the debt limit from the Senate filibuster rules.
Yarmuth last week joined Rep. Brendan Boyle (D-Pa.) in introducing a bill that would transfer the authority to raise the debt limit from Congress to the Treasury secretary.
Speaker Nancy Pelosi (D-Calif.) called the proposal an "excellent idea," although she stressed Democrats are focused on averting a default now and would leave a conversation about long-term solutions for later.
Boyle has also previously introduced legislation in recent years to repeal the debt limit altogether as a way to permanently eliminate a disastrous scenario that would lead to a U.S. credit downgrade, a likely recession and delayed Social Security, military salary and other essential payments made by the federal government.
(Excerpt) Read more at msn.com ...
Let’s get this started so we don’t have to put up and listen to these idiots anymore…
Since the debt limit has been raised every time it was challenged, I’d posit that there is no debt limit. It isn’t there. It never has been there. But should its ghost be eliminated? No. Because if it is then there will be zero scrutiny of the budget. You want to gold plate those bridges? Sure. You want the military to buy obsolete equipment because otherwise a plant would be shuttered in your district? Sure. At least at this point there is some semblance of a controlled budget. It’s just not as robust as the taxpayers would like.
Instead of the government debt to abolish a debt limit...why not abolish personal limits on debt, saying for any credit card...you are to never be maxed out. Start there and see how things go. (I know the end-result, but would the Democrat see that ‘cliff’ approaching fast?)
I become more convinced every day that the wheels are going to have to come off the cart completely before we can start to rebuild. The problem is when the wheels do come off what group will gain control.
Which specific scrutiny are you speaking of? Because all I see is political Kabuki, with the Reluctant Spenders (REPS) trying to spend slightly less that the Enthusiastic Spenders (DEMS), which provides the opportunity to solicit campaign money from their respective true believers every time this comes up.
Real debt limit scrutiny and debate should be happening at each annual budget session, and every spending in a vacuum proposal. Having an additional debate about "Hey, we are out of money" debate is just more practice for the partisan screamers.
They see the cliff and are racing to dive off. Crashing the economy is the whole point.
The fact is there is NO “debt limit,” because it’s never been imposed. If you are at a wedding and the groom says “I do,” what’s the point of the preacher saying, “Do you really?”
No one-—not DemoKKKrats, not GOP, not the Fed-—have any intention of actually imposing a debt limit, so I believe in honesty.
Don’t y’all remember. Trump actually said something similar. But he also over lengthy government shutdown because of Congress inability to arrive at resolution re: funding, budget, debt limit, borrowing, etc..
You have to play with the cards you wuz dealt.
"Growing number of Democrats endorse abolishing debt limit"
We don’t need no stinking debt limit!
Besides our work is not nearly half done. Do you know that there are millions of dogs in Africa that DO NOT HAVE FLEA COLLARS!
To bad they didn’t think about that before the election bad things happen when you take the bait.
So Boyle wants to put Treasury Secy in charge of raising the debt limit. OK, how about putting Congress in charge of selling Treasury Bills? The sponsor of the gold plate bridges would have to sell enough Treasury Bills to cover it.
The buyers of the Bills would have to be disclosed.
I’m sure there’s a downside there too.
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