To: President Donald Trump, The United States House of Representatives, and The United States Senate
The Debt Ceiling Must Go
"The facts are plain: eliminating the debt ceiling would not create new deficit spending. That occurs when Congress decides to authorize more spending than revenue. The debt ceiling simply prevents the President from borrowing money to pay the debts when they come due. Repealing the debt ceiling would ensure that Republican radicals can no longer play a dangerous game of chicken with the full faith and credit of the U.S. We cannot risk allowing this artificat of WWI to threaten our nation's creditworthiness."
Why is this important?
As Rep. Jerrold Nadler (D-NY) writes on The Hill's Congress Blog "Here is a stubbornly well-kept secret: the debt ceiling is arbitrary, doesn't affect the deficit, and serves no real function in keeping spending down. In addition, it has recently become a cudgel which extremist Republican legislators use to beat the rest of us into submitting to political blackmail." It is time to end this farce which has already resulted in the U.S. rating being downgraded unnecessarily in the previous negotiations. We need to deal with the real issue--job creation.