On September 14, 2011, three House Democrats introduced a bill to eliminate the debt ceiling to allow the Treasury to borrow money at will and without limit.
Rep. Moran, one of the bills co-sponsors, said the debt limit is a 'danger' to our county and Republicans are using it as a political weapon.
“The debt limit is an unnecessary and counterproductive legislative hurdle that has proved to be both an ineffective means of controlling deficits and a danger to this country’s standing in the financial markets,” Moran stated. He added that it has been "weaponized" by Republicans.
Rep. Johnson stated, "We're here, ladies and gentlemen to abolish the debt ceiling." He continued, "This is a pretty simple issue, ladies and gentlemen.There is no reason to have a debt ceiling at all. That's why there is one other Western democracy with such a policy. You see, when Congress directs federal spending, it assumes responsibility for allowing the Treasury to what it needs to do to pay for it, period."
The bill was introduced by Rep. Jim Moran (D-VA), Hank Johnson (D-GA) and Rep. Jerry Nadler (D-NY).
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