S2 #247
Biden gets a gold star if he can dump this dangerous U.S. federal $limit. For rhetorical simplicity I concede it was conceived & implemented with the best of intentions, to restrain run-away congressional spending.
a) We're at $31 $Trillion +
b) Therefore it's not working.
Since 1960,
Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit – 49 times under Republican presidents and 29 times under Democratic presidents.
https://home.treasury.gov/policy-is...al-institutions-and-fiscal-service/debt-limit
The detriment at risk is not merely a potential U.S. economic disaster, but potentially a global downturn.
Reportedly no other nation has such a ridiculous, ineffectual contraption.
I'm all for fiscal responsibility, balanced budgets, etc.
This debt limit is not accomplishing that. Instead it's a crisis to be averted, partisan politicians playing chicken with the global economy. Bad idea. Fix this Joe.
ref:
United States Constitution:
ARTICLE #14: Ratified July 9, 1868
SECTION 1. All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside. No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.
SECTION 2. Representatives shall be apportioned among the several States according to their respective numbers, counting the whole number of persons in each State, excluding Indians not taxed. But when the right to vote at any election for the choice of electors for President and Vice President of the United States, Representatives in Congress, the Executive and Judicial officers of a State, or the members of the Legislature thereof, is denied to any of the male inhabitants of such State, being twenty-one years of age, [
see amendment 26] and citizens of the United States, or in any way abridged, except for participation in rebellion, or other crime, the basis of representation therein shall be reduced in the proportion which the number of such male citizens shall bear to the whole number of male citizens twenty-one years of age in such State.
SECTION 3. No person shall be a Senator or Representative in Congress, or elector of President and Vice President, or hold any office, civil or military, under the United States, or under any State, who, having previously taken an oath, as a member of Congress, or as an officer of the United States, or as a member of any State legislature, or as an executive or judicial officer of any State, to support the Constitution of the United States, shall have engaged in insurrection or rebellion against the same, or given aid or comfort to the enemies thereof. But Congress may by a vote of two-thirds of each House, remove such disability.
SECTION 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion
shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
SECTION 5. The Congress shall have power to enforce, by appropriate legislation, the provisions of this article.
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