Sen. Elizabeth Warren, D-Mass., mentioned on Friday she agrees with President Donald Trump’s name to get rid of the debt restrict, urging bipartisan motion to scrap it completely.
In a publish on X, Warren wrote: “@realDonaldTrump and I agree: the debt limit should be scrapped to prevent an economic catastrophe.”
“Let’s pass a bipartisan bill and get rid of it forever,” she added.
The senator additionally mentioned “jacking up the debt limit by $4 trillion to fund more tax breaks for billionaires is an outrage,” in an assault on a GOP-backed tax invoice to enact Trump’s priorities.
Warren’s publish cited feedback Trump made at a information convention earlier on Friday, when he referenced her previous assist for eliminating the debt restrict and mentioned he “always agreed with her” on the difficulty,
“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 mentioned.
The debt restrict was final suspended by Congress in the summertime of 2023 as a part of a bipartisan invoice reached between Republican management and former President Joe Biden, pushing off the specter of nationwide default by means of January of this yr, when the debt restrict was reinstated at greater than $36 trillion.
The Treasury Division mentioned in January that the federal government would want to implement “extraordinary measures” to stop it from defaulting on its debt.
Earlier this month, Treasury Secretary Scott Bessent referred to as on Congress to boost the debt ceiling by mid-July to stop the federal government from defaulting, warning that the nation is on monitor to expire of cash to pay its payments as early as August with out congressional motion.
“A failure to suspend or increase the debt limit would wreak havoc on our financial system and diminish America’s security and global leadership position,” Bessent wrote to Home Speaker Mike Johnson, R-La. “Prior episodes have shown that waiting until the last minute to suspend or increase the debt limit can have serious adverse consequences for financial markets, businesses and the federal government.”
Republicans wish to elevate the debt ceiling as a part of a broader package deal, however intra-party debate stays over points equivalent to tax adjustments.
