Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Dems Want To Axe The Debt Ceiling

January 17, 2013 by  

Dems Want To Axe The Debt Ceiling
PHOTOS.COM

Claiming that Republican lawmakers have “weaponized” the debt ceiling, a group of House Democrats have introduced legislation that would do away with the cap on the Nation’s borrowing limit.

The Democrats argue that a repeal of the debt ceiling would allow Congress to move forward with legislation that promotes jobs, economic recovery and growth instead of arguing over the Nation’s borrowing limit year after year.

“We cannot allow our economy to be threatened every year by political extremists intent on exploiting the debt ceiling to force through massive cuts and so-called entitlement reform,” said Representative Jerrold Nadler (D- NY). “The debt ceiling is arbitrary, doesn’t affect the deficit, and serves no real function in keeping spending down — and it’s time to abolish it. Only then will we be certain to pay our bills on time and take away from extremists this tool for political blackmail.”

The House, which is led by Republicans who use the debt ceiling as a bargaining chip in getting Democrats to agree to spending cuts, is expected to quash the proposal.

The Nation reached its $16.4 trillion borrowing limit at the end of last month. The Treasury Department has since been relying on “extraordinary measures” to pay the Nation’s bills in the time it takes for Congress to agree on what GOP demands will have to be met before it can be raised. It is likely that Republicans will champion a deal similar to that reached during the last debt limit debates, which mandates spending cuts equal to the amount the limit is raised.

The idea of doing away with the debt ceiling has also been championed by Federal Reserve Chairman Ben Bernanke.

Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

Facebook Conversations

Join the Discussion:
View Comments to “Dems Want To Axe The Debt Ceiling”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.