Three congressional Democrats are introducing a bill Wednesday that would abolish the federal debt ceiling. The Democrats say that the recent debt ceiling debate had a "disastrous" effect on our nation's economy, and that the legislation would keep parties from using a debt-ceiling default as a hostage in future budget debates.Gee, ya think?
"The debt ceiling is truly arbitrary and has nothing to do with the deficit," Rep. Jerrold Nadler (D-N.Y.) said in a statement last Wednesday. "The debt ceiling does not prevent the United States from incurring new debts. That occurs when Congress decides to authorize more spending than revenues. The debt ceiling prevents the president from borrowing money to pay those debts when they come due.
Virginia Democrat Jim Moran and Georgia Democrat Hank Johnson will join Nadler in introducing the legislation. But the bill is unlikely to gain traction, especially in the Republican-controlled House.
Hank Johnson, the man who thought Guam was going to tip over. Maybe send Nadler there to see if it really would.