According to the statement, if the government fails on its responsibilities, “the economy would quickly shift into reverse.
With the depth of the losses a function of how long the breach lasted,” according to studies conducted by the Council of Economic Advisers and other scholars.
Trump signed three pieces of legislation to raise the ceilings during his first term in office. When he was in the White House, he had also suggested doing away with the debt cap.
In recent years, several Democrats have expressed support for its repeal. Ranking member of the Budget Committee Rep. Brendan Boyle, D-Pa.
Has been spearheading the effort with the Debt Ceiling Reform Act, a bill that would limit Congress’s power to utilize the threat of default as a negotiating tool.
In 2023, he presented it to the Senate together with a companion measure submitted by Senator Dick Durbin, a Democrat from Illinois.
