Rep. Nadler Will Introduce Bill To Repeal The Debt Ceiling, ‘A Pawn For Republicans Intent On Holding The Economy Hostage’

In denunciation of “the current GOP-driven deficit obsession and its preclusion of government action to lift the nation out of ongoing recession,” Rep. Jerrold Nadler (D-NY) says he will introduce legislation to repeal the federal debt ceiling. Nadler said, “The debt ceiling is truly arbitrary,” adding that “the dangerous game of chicken Republican radicals played with the full faith and credit of the United States demonstrates that we can no longer risk allowing this artifact of World War I to threaten our nation’s creditworthiness.” Thus, Nadler called on Congress to “abolish the debt ceiling, which has become a serious threat to our economic future and a pawn for Republicans intent on holding the economy hostage to impose their own extreme agenda.” Nadler joins economist Bruce Bartlett, who was senior policy adviser to presidents Ronald Reagan and George H.W. Bush, in calling to abolish the debt ceiling.