House Democrats Propose Eliminating Debt Ceiling; Yellen Shoots Down $1 Trillion Coin
Dozens of House Democrats believe it is time to eliminate the debt ceiling and instead allow unlimited borrowing so the government can spend whatever it needs.
The federal government is entrenched in another battle over the debt ceiling after Washington hit its borrowing limit of about $31.4 trillion last week.
As a result, the Treasury Department has employed “extraordinary measures” to help cover the government’s obligations until June, when these tools will be exhausted.
Republicans have called for a debt-prioritization plan that includes a reduction in the record growth of federal spending before allowing an increase in the debt ceiling, according to a draft GOP proposal. But a chorus of Democrats argue that it would be better if officials voted to cancel the debt limit and let the government borrow without any limit or restraint established by Congress….
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