Biden rules out eliminating the debt ceiling

[brooklynite]

Source: Politico

President Joe Biden on Friday vowed that he “will not yield” to GOP demands that he cut entitlement programs like Medicare and Social Security in exchange for avoiding a standoff over the debt ceiling.

But he also ruled out taking one of the more extreme measures to avoid such a fight, saying he opposes eliminating the debt limit altogether as a means of averting future confrontations. Such a move, he said, would be “irresponsible.”

Biden’s remarks come after a series of Republican lawmakers said they backed the notion of lifting the debt limit next year as a leverage point to get Democrats to agree to spending cuts. Congress needs to raise the nation’s borrowing cap to protect its credit score and prevent the U.S. from defaulting on its debt — a prospect that could throw the world into economic turmoil.

Read more: https://www.politico.com/news/2022/10/21/biden-debt-ceiling-medicare-social-security-00062944

[Eliot Rosewater]

1. Any future GOP prez would eliminate it instantly if they needed to for politics, like Moscow Mitch

will end the filibuster the minute he gets power, if he does.

From now on the GOP will NEVER do the right thing.

For instance we must increase the SC while we have the power and votes, if we do, must. But we wont.

[BOSSHOG]

6. I would request

President Biden to ask any member of the Supreme Court who lied at their confirmation hearing and who had integrity to resign. Never happen, but the genesis for interesting optics. None of trumps three stooges and Alito will resign. The proofs on tape and they would admit to having no integrity. Never happen but this Phillie fan is a little anxious tonight. And to kinda quote some right wing dumbass, “in one word, fuck you alito.”

[GB_RN]

2. Eliminating The Debt Ceiling Isn't Irresponsible...

What's irresponsible is having this dumbass fight with fiscal terrorists every year or two. Solve the problem permanently.

[TigressDem]

7. THE US HAS ENOUGH money if the top 10% pay their fair share of taxes.

What is irresponsible is letting them get away with paying such a small percentage of what they have when they have so much.

https://ips-dc.org/u-s-billionaires-62-percent-richer-during-pandemic/

U.S. Billionaires Got 62 percent Richer During Pandemic. They’re Now Up $1.8 Trillion.



BUT IF WE ELIMINATE THE DEBT CEILING the rethugs will just find reasons to give it to their shareholders, blackmailers, owners, I'm sorry supporters.

[Mr.Bill]

3. How about that, a President who worries about

doing something that is irresponsible. Half the members of Congress probably cannot even grasp that concept. If they want to crash the economy, all Biden needs to do is set the scene where everybody knows they did it, not him. And I'm betting Biden will be pretty damn good about making it look just that way. Sounds like he's already laying the groundwork, and idiots like McCarthy are helping him by saying right up front that's exactly what they plan on doing.

[pnwmom]

4. He didn't rule out substantially RAISING it. But if he eliminated it,

that would be a talking point against him in his re-election campaign.

In his second term he can consider eliminating it.

[Mme. Defarge]

8. 👍🏻

[yaesu]

5. WHY! The debt ceiling is just a fascist tool to take safety nets hostage every year

very disappointed in him.

[BOSSHOG]

9. Right you are teammate

And to compound that tragedy, if republicans knew how to govern and manage money we wouldn’t need a debt limit. It’s as if they are sustaining a malignant tumor for political gain.

[pnwmom]

11. To eliminate a weapon they could use against him. Raising the debt limit could get the job done

for the next few years, and then he could push it eliminate it, if that made sense then.

Why? Because he knows better than to let the perfect be the enemy of the good.

[Mawspam2]

10. Dammit, Joe, just mint the $Trillion Dollar coin...

...hell, mint 10 of 'em and be done with this annual foolishness.

[CTyankee]

12. Here is Paul Krugman's take:

https://www.nytimes.com/2022/10/17/opinion/republican-debt-federal-budget.html

[Fiendish Thingy]

13. Don't negotiate with economic terrorists. Nt