President Donald Trump is calling for the debt limit to be scrapped.
In a post on his Truth Social account Wednesday, Trump said he agrees with Sen. Elizabeth Warren, D-Mass., who has also called for the debt limit to be done away with.
“I am very pleased to announce that, after all of these years, I agree with Senator Elizabeth Warren on SOMETHING. The Debt Limit should be entirely scrapped to prevent an Economic catastrophe,” Trump wrote.
“It is too devastating to be put in the hands of political people that may want to use it despite the horrendous effect it could have on our Country and, indirectly, even the World. As to Senator Warren’s second statement on the $4 Trillion Dollars, I like that also, but it would have to be done over a period of time, as short as possible. Let’s get together, Republican and Democrat, and DO THIS!
On social media last Friday, Warren wrote: “Donald Trump and I agree: the debt limit should be scrapped to prevent an economic catastrophe. Let’s pass a bipartisan bill and get rid of it forever. But jacking up the debt limit by $4 trillion to fund more tax breaks for billionaires is an outrage.”
Treasury Secretary Scott Bessent has called for Congress to raise the nation’s debt ceiling by mid-July to prevent a default, The Hill reported.
The debt limit was suspended in 2023 through an agreement between President Joe Biden and Republican leaders that pushed the threat of a default to 2025.
The Treasury Department has also warned the government would have to implement “extraordinary measures” to keep the nation from defaulting on its more than $30 trillion debt, The Hill said.
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