January 20, 2013

Progressives propose end to debt ceiling

Nation - As the country barrels towards a possible default on its debt, members of the Congressional Progressive Caucus announced this week that they are introducing legislation to eliminate the federal debt ceiling. Representatives Jerrold Nadler, Hank Johnson, Jim Moran, Jan Schakowsky, Keith Ellison and Peter Welch are co-sponsoring the Full Faith and Credit Act of 2013, which would abolish the anachronistic debt ceiling and prevent future gamesmanship over the Treasury’s ability to pay the country’s bills.

The measure was originally introduced in 2011 after the last battle over the debt ceiling resulted in Standard and Poor’s downgrading of the US credit rating for the first time in history. The bill was referred to the House Committee on Ways and Means, but did not go any further in the Republican Congress.

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