Just one day after Trump struck a deal with Sen. Chuck Schumer and Rep. Nancy Pelosi to temporarily raise the national debt ceiling, the Washington Post reported that the President also discussed with Sen. Schumer a measure to scrap the debt ceiling altogether.
From CNBC:
President Donald Trump and Senate Democratic Leader Chuck Schumer have agreed to seek a plan to permanently scrap the federal debt ceiling, The Washington Post reported Thursday.
Any such plan could face staunch opposition from the majority congressional Republicans, who would have to approve it. On Thursday, House Speaker Paul Ryan voiced opposition to getting rid of the debt ceiling.
The deal was described as a "gentleman's agreement," the Post reported, citing "three people familiar with the decision." Democrats in the Senate want to reach an "arrangement with Trump" by December, according to the Post.
Such an action would allow the federal government to spend taxpayer money without consequence. It would also remove a powerful bargaining chip fiscally responsible Republicans have used to secure spending cuts. When the debt ceiling debate rolls around each year, these Senators and Representatives have exchanged their votes for promises to cut spending.
Without the debt ceiling, the feds will have no incentive to reduce spending until the national debt increases so much that the country falls off a fiscal cliff.
Washington, D.C., is obsessed with short-term problems and short-term solutions. The President and Congress are constantly putting out fires by digging this country into a larger financial hole, and no one is thinking about future generations. That’s why an Article V Convention of States is so necessary.
A Convention of States can propose constitutional amendments that force Congress to consider the long-term consequences of their actions. These amendments can include a requirement to balance the budget, tax reform, and spending caps. Our country can’t keep spending like this forever, and we can’t trust the feds to do anything about it.
