Biden says it would be 'irresponsible' to eliminate debt ceiling, as some Democrats want
Biden says it would be 'irresponsible' to eliminate debt ceiling, as some Democrats want
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Biden says it would be 'irresponsible' to eliminate debt ceiling, as some Democrats want
W. James Antle III October 21, 02:47 PM October 21, 02:47 PMPresident Joe Biden said Friday it would be “irresponsible” to eliminate the federal debt ceiling, which is the maximum amount of money Washington can borrow by issuing bonds.
The comment came in response to a reporter’s question after Biden’s remarks on the economy turned into a blistering attack on what Republicans would do if they captured Congress in the midterm elections.
But some Democrats would like to take the debt limit out of Congress’s hands precisely to avoid a showdown over its increase after the elections that could lead to default.
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Treasury Secretary Janet Yellen has expressed support for scrapping the debt ceiling. Punchbowl News reported that some House Democrats are floating legislation to do just that in a lame-duck session of Congress after the election.
Debt ceiling fights figured prominently in the battles between President Barack Obama and congressional Republicans when Biden was vice president.
Democrats lost 63 seats and control of the House in the 2010 midterm elections. Republicans took the Senate in 2014, Obama’s second midterm election.
Biden looked to be girding for a similar fight with Republicans on Friday.
He declared that congressional Republicans have "made it clear they will crash the economy next year by threatening the full faith and credit of the United States."
Biden, who has proposed trillions of dollars in new federal spending since taking office but has only seen some of it passed into law, took credit for record deficit reduction. He positioned himself as fiscally responsible in contrast with reckless Republicans, who enlarged the deficit with tax cuts and spending.
At times, Biden seemed to be making a last push for Democrats to retain or even expand their slim congressional majorities, predicting the polls would swing back in their favor again before Election Day. But there was also a sense of resignation that Republican wins were coming and preparation for what was to come with new, more conservative members of Congress.
Republicans are heavily favored to take back the House. They would also need only a net gain of one seat to win the Senate majority, and there are at least six hotly contested races that could determine control of the chamber.
Almost immediately after the midterm elections, attention will shift to the 2024 presidential race. Biden has not yet said definitively whether he will seek reelection but has indicated he is likely to run if his health holds up. He will turn 80 next month.
The last two Democratic presidents have used midterm election setbacks to position themselves for reelection, attacking Republican congressional majorities as wild and extreme. Both Obama and President Bill Clinton won second terms under these political conditions.
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But Biden will have difficulty passing more legislation if Republicans win even one house of Congress. Losing the Senate would complicate filling executive and judicial branch vacancies, including any Supreme Court seat that could come open in the next two years.
The Senate map becomes even more challenging for Democrats in 2024 when they will be defending the White House. This year’s election takes place on Nov. 8.
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