President Joe Biden on Friday rejected a push from congressional Democrats to get rid of the statutory debt ceiling, calling the idea of doing so “irresponsible.”
Biden’s statement comes as Democrats are bracing for a showdown expected late next year with Republicans over the federal borrowing limit deadline. Republicans see this negotiation as an opportunity to push for their policy goals if they win the majority in the House, and some Democrats want the party to take action during the lame duck session to avoid this scenario.
A group of House Democrats led by Pennsylvania Rep. Brendan F. Boyle have drafted a letter to Speaker Nancy Pelosi and Senate Majority Leader Charles E. Schumer urging passage of a “permanent solution” to the debt limit during the upcoming lame duck session.
“The only hope of avoiding these potential repercussions is for us to implement a solution more permanent and reliable than the current practice of hastily taking action each time we approach the dollar amount of the debt limit or the expiration of an enacted suspension,” Boyle wrote.
Boyle suggested his legislation authorizing the Treasury Secretary to raise the debt limit unilaterally or to repeal the federal debt limit altogether. The first proposal, co-sponsored by House Budget Chair John Yarmuth, D-Ky., among others, has more support than the second, though Majority Whip James E. Clyburn, D-S.C., is a notable supporter of Boyle’s debt ceiling repeal bill.
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