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fridiHey everyone debt and deficits matter again to the GOP.
Celebrate goood times c'mon!
Democrats push to eliminate the debt ceiling, allow unlimited government borrowing
That said, the obvious question here is why didn't they do this the last two years when they had control of Congress and the White House? Dems just passed a spending bill a few weeks ago without increasing the debt ceiling to allow debt to pay for it. Normally you could just spend the revenue coming in to pay for it, but Dems passed a couple trillion in new spending this FY, so they already spent the record revenue coming in. They also knew about the debt ceiling for even longer than that since they voted to suspend it last year, and were around when it was raised a decade ago. What did they do last year besides increase the debt to 10 trillion over the previous ceiling?
This would of course be disastrous. The US is already paying 500bn a year just to service the existing debt. Removing the limit altogether would remove one ability to limit excessive spending, which would further increase the debt, leading to further wasted interest payment and more fiscal crisies, and slow the economy.
Celebrate goood times c'mon!
Democrats push to eliminate the debt ceiling, allow unlimited government borrowing
That said, the obvious question here is why didn't they do this the last two years when they had control of Congress and the White House? Dems just passed a spending bill a few weeks ago without increasing the debt ceiling to allow debt to pay for it. Normally you could just spend the revenue coming in to pay for it, but Dems passed a couple trillion in new spending this FY, so they already spent the record revenue coming in. They also knew about the debt ceiling for even longer than that since they voted to suspend it last year, and were around when it was raised a decade ago. What did they do last year besides increase the debt to 10 trillion over the previous ceiling?
This would of course be disastrous. The US is already paying 500bn a year just to service the existing debt. Removing the limit altogether would remove one ability to limit excessive spending, which would further increase the debt, leading to further wasted interest payment and more fiscal crisies, and slow the economy.
