Dump The Debt Ceiling

[WHITT]

The Dems have never filibustered the debt ceiling or held it hostage. The Repubs have filibustered the debt ceiling and held it hostage, but only when Dems are in power.

Dump it.

Treasury Secretary Yellen agrees:

White House press secretary Jen Psaki suggested that President Joe Biden might back Treasury Secretary Janet Yellen's endorsement of eliminating the debt ceiling entirely to avoid future credit crises.

Congress introduced a bill in May that would eliminate the debt ceiling, but the White House has not issued a Statement of Administration Policy endorsing it.

Yellen, testifying on the Hill on Thursday, supported that action.

"Yes, I would," she said in response to a question from Rep. Sean Casten, an Illinois Democrat, on the subject. "If, to finance those spending and tax decisions it’s necessary to issue additional debt, I believe it’s very disruptive to put the president and myself, the treasury secretary, in a situation where we might be unable to pay the bills that result from those past decisions."

Berkshire Hathaway CEO Warren Buffett also endorsed eliminating the debt ceiling during negotiations on the topic in 2011. He stated on an investor call that allowing a U.S. credit default "would probably be the most asinine act that Congress has ever performed" and added that "having a debt ceiling to start with is a mistake."

"It just seems such a waste of time for a country that’s got a lot of things to do," he added. "I’d love to see them eliminate the idea because it results in these periodic stalemate operations where everybody uses it for posturing purposes."

https://www.yahoo.com/now/white-house-leaves-door-open-212200869.html

[Walleye]

1. Can they do it with 50 votes?

[WHITT]

2. Worst Case

The VP would have to tell the parliamentarian to take a long walk off a short pier.

[PoliticAverse]

3. They could set it to googol dollars with 50+1 votes... n/t

[Walleye]

4. That sounds like a good solution

[jimfields33]

5. Probably

I didn’t realize the debt ceiling has been around since 1917. It’s been used hundreds of times. It seemlike every two years now. Problem is we never lowered our debt one single time. In the 90’s we balanced the budget but it didn’t decrease the national debt. The whole thing is a waste because it doesn’t really control spending or anything.

[Walleye]

6. Really, no wonder so many people have no respect for the government

[jimfields33]

7. Pretty accurate statement you made.

[WHITT]

10. Actually

Not only did the Clinton administration balance the budget and produce a surplus, they started paying down the federal debt. I think it was like $600 billion, which would be a heck of a lot in today's dollars.

But then Mr. Andrea Mitchell (Alan Greenspan), who was Chairman of the Federal Reserve, stood up and warned that the Clinton administration was on the path of paying-off and eliminating the entire federal debt, which he said would be DANGEROUS!

Of course, then the Gang of Five on the SCOTUS illegally appointed Chimpy Bush, and we went back to massive tax cuts for the Rich & Corporate, followed by massive deficits and debt.

[Groundhawg]

8. I don't want to "dump the debt ceiling"

I do want them to extend it now but not only do I want to leave my kids a clean earth, I want to leave them an economic future, which is is nearly as important.

[Wounded Bear]

9. Much like the "balanced budget amendment"...

it's a RW wet dream they use to control progressives. It doesn't do what it is supposed to do, which is protect the "good faith and credit of the United States." All it does is provide leverage for obstructionist politicians who defend ideology by destroying/blocking legislation.

[WHITT]

11. That Has Nothing Whatsoever

to do with the debt ceiling.