A day after publicly criticizing a deal struck by congressional leaders to finance the government before a shutdown, President-elect Donald Trump said Thursday that Congress should remove the debt limit.
During a phone interview with NBC News, Trump said that the “smartest thing it [Congress] could do” would be to completely remove the debt limit. I would wholeheartedly endorse that.
Democrats have said that they want to eliminate it. “I would lead the charge if they want to get rid of it,” Trump said.
Trump said that the debt limit is a pointless idea and that nobody should want to know what would happen if it were ever crossed because it is “a catastrophe, or meaningless.”
“It’s only psychologically significant,” he said. Legislators establish the debt ceiling, which sets the maximum amount.
That the federal government may borrow to cover its expenses. It doesn’t approve any further expenditures.
