43 Democrats Want to Abolish the Debt Ceiling

Are you tired of hearing about the U.S. debt ceiling crisis? You’re not alone. In fact, 43 House Democrats are calling for the abolition of this outdated relic that serves no useful purpose. And they’re not alone in this opinion, as some leading economists agree.

Rep. Bill Foster (D-Ill.) is leading the effort to abolish the ceiling and has introduced H.R. 415, the End the Threat of Default Act. This bill would repeal the debt ceiling to prevent it from being used as a political pawn.

“Weaponizing the debt ceiling and using it as a pawn in partisan budget negotiations is dangerous and repeatedly brings our nation to the brink of default, which would be disastrous to the U.S. economy,” Foster said in a statement introducing the legislation.

The bill has 42 other Democratic co-sponsors and was introduced on Jan. 20, one day after the current statutory debt limit of $31.4 trillion was reached, sparking the current debt crisis.

While Democrats insist there is no choice but to raise the debt ceiling to fund spending decisions already enacted by Congress, Republicans see it as an opportunity to discuss federal spending. But Rep. Jim Himes (D-Conn.) calls the debt ceiling a “sham” that serves only to threaten the economy of the United States.

Regardless of your political views, it’s clear that the debt ceiling is a flawed system that needs to be reevaluated. Let’s hope that our leaders can come together to find a solution that benefits all Americans.