Well, not so fast say a group of House Democrats, who have found a way to avert the coming ‘debt limit crisis’.
Eliminate the debt ceiling altogether.
That’s right, as the nation has reached it’s $16.4 trillion borrowing limit, the group announced plans Wednesday to introduce legislation to abolish the debt ceiling, saying uncertainty over whether the U.S. will raise the ceiling will roil markets and damage confidence in the U.S. economy.
“The debt ceiling has been a harmless exercise in minor political propaganda from time to time,” said Rep. Jerrold Nadler (D-N.Y), as reported by The Hill.
A harmless exercise? Really? And these are the individuals that America is relying on to rein in the out of control spending in Washington, D.C.?
Rep. Peter Welch (D-Vt.) said Republicans had made the limit into an “economic weapon of mass destruction.”
“They’re serious about it. The question with the Republicans is not whether they have the power to plunge Americans into default, it’s a question of whether they have the restraint not to do it,” he added.
The bill stands no chance of advancing in the GOP-led House. The Democrat lawmakers behind the bill are Reps. Jerrold Nadler (N.Y.), Hank Johnson (Ga.), Jim Moran (Va.), Jan Schakowsky (Ill.), Keith Ellison (Minn.) and Peter Welch (Vt.).
You may recall the name Hank Johnson, who once said he feared that stationing 8,000 Marines on Guam would cause the island to “become so overly populated that it will tip over.” Warning – the video is painful to watch;
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