This article was written well ahead of scheduled publishing in order to accommodate my travel plans.
Here is my number one priority for the lame duck session and an instruction for President Biden. To Congress: pass legislation abolishing the debt ceiling. To President Biden: sign the bill when it hits your desk.
The debt ceiling is the amount of money the Treasury Department is authorized to borrow. It involves zero new spending. The obligations that the funds pay for have previously been authorized by Congress. All it does is allow the federal government to pay the bills it has already obligated itself to. I don’t know exactly how to put it because the entire idea of a debt ceiling is as foolish as the term is misleading. The alternative is for the federal government to default on its debts when it has the clear ability to pay them. It is little different than you simply deciding not to pay your rent/mortgage or car payment next month.
As noted at the top, this article is written well in advance of publishing. At this writing it is not know which party will control the next House. The Republicans have already threatened to hold the debt ceiling hostage in order to extract (I might say extort) concessions like cuts to Social Security and Medicare.
To be fair both parties have played games with the debt ceiling when the other party controlled the White House. It is simply time to stop this foolishness and if the GOP is going to take control of the House preempt their shenanigans.
The United States does not need a debt ceiling. America and Denmark are the only true democratic western country to have one and this is the perfect opportunity to get rid of ours. It serves no useful purpose and has the potential to be destructive. In fact, the only time that America’s credit rating was lowered was in response to a Tea Party threat to default by not raising the debt ceiling.
I believe if you create a financial obligation and have the ability to pay it, you have a moral responsibility to do so. It is really that simple! The repercussions of a default are extremely serious. That aside, it is still simply a moral decision! Today’s Republican party is amoral; I still believe America is not.
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