Trump Says ‘a Lot of Good Reasons’ to Get Rid of Debt Ceiling

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Trump Sees 'Good Reasons' to Get Rid of Debt Ceiling

Trump Sees 'Good Reasons' to Get Rid of Debt Limit

President Donald Trump said Thursday there are “a lot of good reasons” to get rid of the U.S. debt ceiling as Senate Democrats began exploring a possible deal with the president to end the recurring fiscal standoffs.

“For many years, people have been talking about getting rid of debt ceiling altogether,” Trump told reporters Thursday at the White House. “And there are a lot of good reasons to do that, so certainly that’s something that will be discussed. We even discussed it at the meeting that we had yesterday.”

Senate Minority Leader Chuck Schumer and Trump agreed during an Oval Office meeting Wednesday to pursue a negotiation aimed at permanently ending the brinkmanship over a possible default on the nation’s debt, according to a person familiar with the discussions.

Schumer broached the idea with Trump and Vice President Mike Pence in a meeting with House Minority Leader Nancy Pelosi and Republican congressional leaders where Trump sided with Democrats on a deal to combine a short-term debt limit extension with a hurricane relief bill.

“We have a great respect for the sanctity of the debt ceiling,” Trump said. “Chuck does and Nancy does and we all do. So that will never be a problem.”

He didn’t mention the Republican leaders by name -- House Speaker Paul Ryan of Wisconsin or Senate Majority Leader Mitch McConnell of Kentucky. McConnell’s office declined to comment. But the No. 2 Senate Republican, John Cornyn of Texas, said Thursday he was opposed to abolishing the debt limit.

Senate Vote

The Senate on Thursday passed a legislative package that includes a suspension of the debt ceiling through Dec. 8. Treasury Secretary Steven Mnuchin had asked Congress to act by Sept. 29 to avoid a damaging default.

The U.S.’s rating companies have long noted that the structure of the U.S. debt limit is very unusual in the way it separates congressional spending decisions from the mechanisms needed to finance them.

“They should abolish congressional approval for the debt ceiling,” said John Chambers, former chairman of Standard & Poor’s sovereign rating committee who was there when the firm downgraded U.S. debt during a 2011 debt limit fight. He said that when Congress passes spending bills that will require additional debt, lawmakers should simultaneously “vote for a higher amount of debt outstanding.”

Eliminating the debt limit altogether would be very difficult for many Republicans to swallow, particularly in the House. Republican Representative Bill Flores of Texas called it a “horrible idea.”
Conservatives have used the ceiling on borrowing authority as a negotiating point to try to force broader government spending cuts.

"You’re going to have trouble getting people to agree to having it raised automatically," said Republican Senator John McCain of Arizona.

The conservative Republican Study Committee on Thursday released a list of 19 policy suggestions aimed at reining in federal spending that could earn their support on a measure to raise the debt ceiling.

“While some have advocated for a ‘clean’ debt limit increase, this would simply increase the borrowing authority of the government while irresponsibly ignoring the urgency of reforms,” Representative Mark Walker of North Carolina, who chairs the group, wrote in a letter to Ryan. Walker noted that the last vote in the House to raise the debt ceiling without any conditions only attracted the support of 28 House Republicans.

Ryan Opposed

Ryan told reporters Thursday that he wouldn’t support suspending the debt limit entirely because “there’s a legitimate role for the power of the purse and Article One powers” in the Constitution.

Even so, there are a number of Senate Republicans who would support such a move.

"I want to get rid of it," Senate Finance Chairman Orrin Hatch of Utah said Thursday.

Republican Senator David Perdue of Georgia said Thursday that the debt ceiling has been "ineffective" and he will work on a conservative proposal before December to scrap it and overhaul the process.

"It’s an unpopular vote that nobody likes taking,” John Thune of South Dakota, the No. 3 Senate Republican, said Thursday. “There is probably some support on both sides for that. But I hope the president will be talking to Republican leadership about that."

Pelosi also backed the idea.

“Why don’t we just do away with it?" she told reporters Thursday. "We’re not going to let the government default."

Democrats Elizabeth Warren of Massachusetts and Mark Warner of Virginia approached Schumer earlier this summer with the idea of jettisoning the debt limit, asking them to consider raising it with Trump, according to a Democratic aide.

At the Wednesday meeting, Schumer raised the idea, nothing that it had the support of both liberal and moderate Democrats, according to the aide. He suggested that all sides go back and talk to their respective party members to see if they could agree on a specific proposal to add to an end-of-the-year deal. Trump responded positively to the suggestion, the person familiar with the discussions said.

Trump said Thursday that the debt ceiling is a “sacred trust” and “as long as it’s there, it will never be violated.”

The federal debt limit was created in 1917 to make it easier to finance World War I by grouping bonds into different categories, thus easing the legislative burden on Congress. Before that, lawmakers approved each bond separately. 

Over the years, lawmakers started using the limit as leverage to obtain other concessions. 

The most significant standoff occurred in 2011, when conservatives forced a showdown that rattled financial markets and prompted S&P to downgrade its rating on sovereign U.S. debt. The battle resulted in $2 trillion in budget cuts.


https://www.bloomberg.com/news/articles/2017-09-07/trump-says-a-lot...

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And middle class taxpayers are supposed to pay for this ?

Without going to the Fair tax, the lower income/handout people still pay nothing. The rich still have their loopholes.

WE the People — screwed, more and more and more.

Yes, guess which one swallows up the rest...?

Trump has now abandoned any restraint on spending by the Federal Government... What happened to a balanced budget Pres. Trump?  The President sounds like a progressive Democrat... embracing Keynesian economics, a key element in a socialist system.  Cloward and Piven would approve.

Eliminating the Debt Ceiling... the only program currently restraining Congressional spending is not the mark of a fiscal conservative. .The Debt Ceiling, at least, requires Congress to consider the ramifications of extending our National debt, and the wisdom of expanding government without fiscal restraints. Without a Debt Ceiling, members of Congress, would not be on record (VOTING) for more debt. Thus, making it difficult to identify the big spending, financially reckless, liberals in Congress.

This is one more progressive goal Pres. Trump apparently supports?  Why?  More betrayal  by the President, as he crosses over into la, la, land, abandoning fiscal responsibility.  Pres. Trump seems to be rushng to embrace the Democrat Party and its socialist doctrine.  He is now officially on record supporting Big Government with no limits to spending. He is officially embracing Keynesian economics! 

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BREAKING: Hillary Admits She Was Wrong About ‘Deplorables,’
White Nationalists Only ‘0.15%’ Of U.S. Population

(TeaParty.org) – Hillary Clinton, the failed liberal presidential candidate who sealed her fate by slamming half of U.S. voters as a load of racist, sexist, xenophobic “deplorables,” just came out and admitted she was wrong, Breitbart reports.

Speaking with Hugh Hewitt on his radio show about her book “What Happened,” he asked her if she actually believes that half of the American population are white nationalists and racists.

“Of the 62.9 million people who voted for President Trump, do you have a number in your mind that you think are actually white nationalist racists of that 62.9 million, a real number?” he asked.

“No, I don’t,” she said.

Still have any doubts? Later in the conversation, Hewitt asked the same question again. “Do you think there are more than a half million, you know, honest-to-God white nationalists running around the United States?”

Clinton: “Probably not, no.”

A white nationalist would like to establish a sovereign country for people of white European heritage, an idea everyone across the political spectrum finds unspeakably intolerable and offensive. Now, the woman who declared that this was the desire of more than half of Americans is saying that virtually nobody wants it. On both counts, she’s completely wrong.

There’s no doubt that Clinton is probably going to try running again for president in 2020 – if she’s even alive that long – and might be trying to absolve her guilt and pander to all those “undecideds” who instantly went MAGA the second she blasted them as no-good racist deplorables for not voting Democrat.

However, Clinton did later admit that there were more white nationalists in America than she had thought. Expressing her worries that the internet and the presidency of Trump is giving them a voice and a platform, she hinted that under her iron scepter, she will attempt to silence them.

“Unfortunately, their views, which used to be quite beyond the mainstream, you know, have a much broader audience now, because you know, of being online and having outlets and media presence that can promote those attitudes,” she said.

How many white nationalists are there in the United States? That’s a question with troublingly few answers, since for some mysterious reason the liberal mainstream media – even though it claims all the time that white supremacy is on the rise – hasn’t actually bothered to take polls and just ask people whether they are white nationalists.

Actually, there’s a simple answer to that. If such a poll were to be taken, our bet is that liberals would be very disappointed to discover that almost nobody is actually a white nationalist, and so there would be no way they could continue scaring people with those fears. A tactic Clinton has apparently given up on.

Left-wingers are entirely convinced that some vague but large majority of people who say they aren’t racists or white nationalists, actually share a lot of views with them – which is why Nazi and white supremacist have become interchangeable with Republican and libertarian.

An article by Newsweek, which polled around 5,000 in order address this very question, came up with this response:

About 70 percent of respondents strongly agreed that people of different races should be “free to live wherever they choose” and that “all races are equal,” and 89 percent agreed that all races should be treated equally. At the same time, 31 percent of respondents said they strongly or somewhat agreed that the country needs to “protect and preserve its White European heritage,” while 34 percent strongly or somewhat disagreed and 29 percent said they neither agreed nor disagreed.

Reality is, it’s a little true that some Americans do have overlapping views with white nationalists, but the overwhelming majority of respondents STRONGLY believe that the races should be free, are equal, and should be treated equally. Sounds like none of these respondents would be joining a lynch mob or waging a second Holocaust any time soon – trying to equate the preservation of white heritage with support for slavery and genocide is obviously one of the Left’s biggest lies, and the very reason why 39 percent of people in this same survey believe white people are under attack.

So Clinton changes her mind, and now says she believes less than one percent of the American population are white nationalists – did she believe there were even LESS than that during the campaign trail? Either way, she’s either just lying or plain stupid.

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