President Trump Joins Senate Minority Leader Schumer to Permanently Repeal Debt Ceiling

US debt ceiling

According to mainstream media reports, President Trump suggested on Wednesday during a meeting with congressional leaders that voting on the debt ceiling should become a thing of the past. During the same meeting, President Trump sided with Democratic leaders with regard to a fiscal deal for raising the debt ceiling.

The Donald told the press that in his view, voting on raising the debt ceiling is completely unproductive and he basically floated the idea that the next time the US congress will vote on this issue, it could be the last. Trump said that over the next three months, discussions must take place on his proposal about renouncing the vote on raising the debt ceiling, i.e. this should be done automatically every time the Congress appropriates future spending.

The POTUS told reporters that he has great respect for the sanctity of the debt ceiling and there are good reasons for getting rid of the debt ceiling altogether. After his meeting with congressional leaders on Wednesday during which he closed a deal with Schumer and Pelosi, President Trump mentioned there will never be a problem with voting on debt ceiling, now or never.

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To make a long story short, Donald Trump is now asking Congressional leaders to find a way to depoliticize the vote on the debt ceiling, as currently the Congress is required to repeatedly vote to raise it and the vote is frequently politicized and used as leverage by one side or the other. WaPo claims that Trump and Chuck Schumer reached a gentlemen’s agreement, agreeing to pursue a deal that would permanently abolish debt ceiling votes in the Congress.

Some may argue that President Trump is suggesting that Federal Government should not be constraint at all about how much debt it could could accumulate in the future, debt that’s piling on the backs of the future generations of Americans.

But the truth is, does it really matter? The Congress raises the debt ceiling each time anyway, and if they don’t say no to an increase at least once, there isn’t really a debt ceiling to speak of, is it? It’s all just a game, nobody wants to be blamed for a government shutdown.

To boost the economy we need to both slash taxes while at the same time rebuilding infrastructure(infrastructure spending)and that’s impossible to achieve without incurring more debt. Even after trimming the fat, this will run up the debt dramatically. The greater tax-base from a healthier economy with less poverty will eventually lead to greater revenue that (ideally) will produce budget surpluses that will allow us to pay back that debt, or at least that’s the theory.

The thing is, US national debt is going to get a lot worse before it gets any better regardless of the rhetoric from “fiscal conservatives” and demagogues.