President Biden said he opposes a permanent repeal of the debt ceiling calling it “ irresponsible." The current debt ceiling is slightly below $31.4 trillion and President Biden was responding to Republican calls to raise the debt ceiling if he conceded to federal spending cuts on certain social programs. President Biden made it clear he would not agree to Republicans holding certain programs hostage in exchange for raising the debt ceiling. However, this statement shows he is also disagreeing with some House Democrats who called on him to abolish the debt ceiling. Even in 2021, Treasury Secretary Janet Yellen expressed support for legislation that would abolish the debt ceiling. The debt ceiling is the amount of money that the United States is allowed to borrow and is decided by Congress.
REPORTER: “Do you support the permanent repeal of the debt ceiling?
BIDEN: “A permanent repeal of the debt ceiling? What do you mean? I mean just say we don't have a debt limit? No, that’d be irresponsible.”
