Wednesday, October 6, 2021

White House Leaves Door Open for Full Elimination of the Debt Ceiling; Treasury Secretary Janet Yellen Supports the Bad Idea

White House leaves door open for full elimination of the debt ceiling:
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.
When asked at her Friday briefing if Biden agreed with Yellen's comments, Psaki said the administration's current focus "for the next 17 days" is "getting the debt limit raised in the Senate."
"That's what we're working toward," she continued. "There's plenty of time after that to discuss what the path forward looks like."
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. --->READ MORE HERE
Sarah Silbiger | Bloomberg | Getty Images
Yellen lends support for effort to remove the debt ceiling altogether:
With a potential default looming for the U.S. in October, Treasury Secretary Janet Yellen said Thursday she would just as soon see the power over debt limits taken away from Congress.
A bill introduced in May would repeal the national debt ceiling, and Yellen said “yes, I would” when asked during a House hearing if she backs the effort.
She noted Congress makes the decisions on taxes and spending, and should provide the ability to pay those obligations.
“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,” she said in response to a question from Rep. Sean Casten, D-Ill. --->READ MORE HERE
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