A group of top House Democrats are calling on leadership to abolish the debt ceiling during the lame-duck session in a bid to deny Republicans the ability to use a vote on raising the debt limit to force spending cuts.
In a letter sent to Speaker Nancy Pelosi (R-CA) and Senate Majority Leader Chuck Schumer (D-NY), reported by Punchbowl News, the lawmakers, led by Rep. Brendan Boyle (D-PA), suggested legislation that would either permanently eliminate the debt ceiling or allow the treasury secretary to raise it without congressional approval.
“Absent Congressional action, the federal government is slated to once again approach the borrowing limit within the next year. While the exact date on which the government would become unable to meet its financial obligations is not yet clear, estimates forecast it will occur during the second half of 2023. If Republicans refuse to support efforts to increase the debt limit or prevent the Senate from filing cloture on debate, the U.S. will enter into default and the full faith and credit of our country will be threatened,” they wrote.
“As such, we are once again calling on leadership to act to avoid default in order to protect the American economy and the financial security of all Americans. With the 117th Congress coming to a close at the end of 2022, and the makeup of the 118th Congress’ House and Senate not yet known, we urge you to use the remaining months to take legislative action that will permanently undo the threat posed by the debt limit,” they added.
The comments come after House Minority Leader Kevin McCarthy (R-CA) told Punchbowl News that the GOP is likely to use the debt ceiling to push for legislative changes.
Their letter echoes calls from Treasury Secretary Janet Yellen, who advocated the change last year.
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“I think it’s become increasingly damaging to America to have a debt ceiling,” Yellen told CNN’s Erin Burnett Out Front at the time.
“It’s led to a series of politically dangerous conflicts that have caused Americans and global markets to question whether or not America is serious about paying its bills. It’s flirting with the self-inflicted crisis, and it really involves the government giving to their treasury secretary and their president conflicting sets of instructions,” she said.
While senior Democrats, including Democratic Caucus Chairman Hakeem Jeffries (NY), Budget Committee Chairman John Yarmuth (KY), and Congressional Progressive Caucus Chairwoman Pramila Jayapal (WA), back the move, it faces a strong uphill battle in the upper chamber, and President Joe Biden has voiced opposition to the idea.
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“That would be irresponsible,” Biden said Friday when asked about whether he would back the push.
