Congress narrowly averted catastrophe when Mitch McConnell and Senate Democrats agreed to a temporary, two month increase in the debt ceiling. But in December we'll be back at this fight all over again, and next time, Republicans will be less inclined to negotiate.
That means Democrats need to act on their own to end the filibuster and raise the debt ceiling to avert catastrophe. But they shouldn't just raise the debt ceiling a little bit, only to have this crisis happen again in a few weeks or a few years. It's time for Congress to end the debt ceiling crisis permanently -- by raising the debt ceiling so high that it won't be reached ever again.
Sign the petition: Tell President Biden and Congress to end the filibuster and end the debt ceiling mess for good!
If the U.S. government doesn't raise the debt ceiling, then it would technically be in default on Treasury debts. This has never happened before, and global financial markets may treat it as a major crisis that could rival the 2008 crash in severity and effect.
The "debt ceiling" isn't in the Constitution. It didn't exist until 1917, and most other countries don't have one. Prior to 2011 it was typically uncontroversial for Congress to raise the debt ceiling.
But that year, Tea Party Republicans who had seized control of Congress refused to raise the debt ceiling unless President Obama agreed to spending cuts. He did, but in 2013, Republicans again refused to approve a debt ceiling without massive spending cuts, which Obama again agreed to.
It's time to end this nonsense -- for good. Congress has the power to either abolish the debt ceiling entirely, or raise it so high that it will never be reached. Either way, Democrats must use their majorities to end this standoff. If government is divided between the two parties again, we can be sure Republicans will once again risk a default unless they get huge cuts. It's no way to run a country.
Add your name now: Tell President Biden and Congress to end the filibuster and ensure we never face a debt ceiling crisis again!
Sources:
1. Business Insider, "Sen. Susan Collins floats GOP support for a debt limit hike in exchange for Democrats abandoning Biden's $3.5 trillion social spending plan," October 4, 2021.
2. Vox, "Abolish the debt ceiling," February 10, 2021.