Rep. Nadler To Propose Legislation To Abolish The Debt Ceiling

Rep. Jerrold Nadler joined the set of Chris Hayes' new show, Up With Chris Hayes on MSNBC this Sunday morning to talk about President Obama's proposal to increase the tax rate on millionaires and a bill he's going to be introducing this week

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Rep. Jerrold Nadler joined the set of Chris Hayes' new show, Up With Chris Hayes on MSNBC this Sunday morning to talk about President Obama's proposal to increase the tax rate on millionaires and a bill he's going to be introducing this week that should end this hostage taking we've seen from Republicans on the debt ceiling.

Here's more from The Hill on that -- House Dems introduce bill to eliminate debt ceiling:

Three congressional Democrats are introducing a bill Wednesday that would abolish the federal debt ceiling. The lawmakers say that the recent debate to raise the ceiling and avoid default had a "disastrous" effect on the U.S economy, and that the legislation would keep parties from using a potential default as a hostage in future budget debates.

"The debt ceiling is truly arbitrary and has nothing to do with the deficit," Rep. Jerrold Nadler (D-N.Y.) said in a statement last Wednesday. "The debt ceiling does not prevent the United States from incurring new debts. That occurs when Congress decides to authorize more spending than revenues. The debt ceiling prevents the president from borrowing money to pay those debts when they come due."

Virginia Democrat Jim Moran and Georgia Democrat Hank Johnson will join Nadler in introducing the legislation. But the bill is unlikely to gain traction, especially in the Republican-controlled House. Members of the GOP were encouraged that they were able to use the debt ceiling as leverage to attain deep budget cuts during negotiations with President Obama and the Senate. [...]

“Republicans in Congress have shown they are willing to hold the fate of our economy hostage by using the debt ceiling as a political weapon. It’s a tactic that has far ranging effects, disrupting financial markets, damaging the peoples’ trust in government and delaying consideration of must-pass legislation to create jobs and get our economy back on track," Moran said.

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