Trump calls for scrapping debt limit

https://thehill.com/homenews/administration/5332843-trump-calls-for-scrapping-debt-limit/

President Trump doubled down Wednesday on calls to scrap the nation’s debt ceiling, pressing for bipartisan action to abolish it and finding common ground with Democratic Sen. Elizabeth Warren (Mass.).

“I am very pleased to announce that, after all of these years, I agree with Senator Elizabeth Warren on SOMETHING. The Debt Limit should be entirely scrapped to prevent an Economic catastrophe. It is too devastating to be put in the hands of political people that may want to use it despite the horrendous effect it could have on our Country and, indirectly, even the World. As to Senator Warren’s second statement on the $4 Trillion Dollars, I like that also, but it would have to be done over a period of time, as short as possible. Let’s get together, Republican and Democrat, and DO THIS!” Trump wrote on Truth Social.

He shared Warren’s post on the social platform X from Friday, when she agreed with Trump that the debt limit “should be scrapped” and called for a bipartisan bill to “get rid of it forever.”

Warren had posted Trump’s comments in which he noted the progressive senator has long supported abolishing the debt limit in the past. He said he “always agreed with her” on the matter, adding that he hasn’t spoken to her personally about it.

“She wanted to see it terminated, gotten rid of, not being voted on every five years or 10 years, and the reason was because it’s so catastrophic for our country,” Trump said at a Friday press conference, alongside Tesla CEO Elon Musk.

The House-passed ‘big, beautiful bill,’ which the president is pushing for the Senate to pass, included plans to raise the nation’s debt ceiling by $4 trillion. Director of the Office of Management and Budget Director Russ Vought said on Wednesday evening that the president still thinks that should be included.

When asked if Trump would want to remove the debt ceiling from the package, Vought told reporters, “He thinks it is very important that the debt extension be a part of this bill.”

He continued, “From a philosophical standpoint, there should be support on a bipartisan basis to reflect on the fact that this tool provides way too much leverage for an opposing party or minority to hold hostage an administration that is trying to do big things for the American people.”

Treasury Department Secretary Scott Bessent has urged Congress to raise the nation’s debt ceiling by mid-July to prevent a default, after former President Biden and GOP leadership suspended the limit in 2023 to push off the threat of a national default through early 2025. The Treasury Department has also warned the government would have to implement “extraordinary measures” to keep the nation from defaulting on its more than $30 trillion debt.

Trump and Warren have clashed throughout the years, and the president has mocked her with the nickname “Pocahontas” in various speeches. At this first joint address to Congress in March, Trump called the progressive senator the nickname, and she responded by clapping from her seat.

Dropping the debt limit is only possible when a responsible government is in control. Giving tRump unlimited credit is like giving a teenage girl a $5 trillion dollar credit card

>>1409794 (OP)
Amazing how quickly this was forgotten.