The Republicans raised the debt ceiling 3 times during the Trump administration, increasing new spending to levels never before seen in an economy that was humming along well to begin with. But now that there is a Democrat in the White House, Republicans are threatening to default on the debt, which would have disastrous consequences on the economy. White House press secretary Jen Psaki bluntly calls out GOP lawmakers about their spending during the Trump era and their refusal now to raise the national debt limit. Psaki said they "spent like drunken sailors," during the last four years:
Ignoring your obvious infatuation with party divisions, we should point out that the debt ceiling cannot be raised in DC without bipartisan support.
That was made clear recently when the republicans refused to support the raising of the debt ceiling and the democrats could not do it themselves in spite of controlling all branches of government.
The Republicans raised the debt ceiling 3 times during the Trump administration, increasing new spending to levels never before seen in an economy that was humming along well to begin with. But now that there is a Democrat in the White House, Republicans are threatening to default on the debt, which would have disastrous consequences on the economy. White House press secretary Jen Psaki bluntly calls out GOP lawmakers about their spending during the Trump era and their refusal now to raise the national debt limit. Psaki said they "spent like drunken sailors," during the last four years:
First, allow me to explain that no president can raise the debt ceiling - only Congress can do that. No president can increase spending, only Congress can do that. Psaki was misleading by blaming republicans for spending during the Trump administration because the increases in spending were all allowed by spending measures enacted under Obama.
www.nytimes.com
Under Article I, Section 8 of the Constitution, Congress has the power to "borrow money on the credit of the United States." This power is exclusive; it cannot be exercised by the other branches of government.
The word 'debt' in Section 4 of the 14th Amendment refers only to bonds and similar debt instruments. It does not include statutory 'obligations.'
If Congress refuses to raise the debt ceiling, the president has no authority to go around the legislature because he thinks raising the ceiling is desirable. Such an act would violate the Constitution's separation of powers. The president can no more authorize additional borrowing than he can impose new taxes, regulate commerce or exercise any other power granted only to Congress.
The debt ceiling was essentially suspended in October 2015 over republican opposition. From then until now the debt ceiling has not been honored, with Congress and the Treasury issuing a series of extraordinary measures, thus bypassing Constitutional requirements for budgeting spending so that the ceiling caps are not violated, in order to keep paying the debt past Congresses have run up and providing capital for new deficit spending.
Republicans did not spend the money, Congress did, and democrats were the primary drivers of spending increases over republican objections and advocacy for restraints.
The debt limit in 2010 was 14.294 trillion dollars. The limit in late 2015 was nearly 19 trillion dollars, even though the debt ceiling was suspended at the time. The limit rose to 22.030 trillion dollars in March 2019 but the debt ceiling was still suspended. The debt ceiling effectively stands at more than 28 trillion dollars, even though battles over the debt ceiling continue with sharp divisions between republicans and democrats.
The federal debt ceiling was raised in December of 2021 by $2.5 trillion to
www.crfb.org
The federal debt ceiling will be reinstated on August 1, 2021, at around $28.5 trillion. At that point, the Treasury Department will begin using accounting tools at their disposal, called “extraordinary measures,” to avoid defaulting on the government’s obligations.
Anyone blaming republicans for the unsustainably huge debt increases over the last decade is lying, either from stubbornness or stupidity. More often than not the majority of republicans were involved with efforts to restrain spending and reduce taxes while democrats were more commonly supportive of huge spending increases coupled with huge tax increases on workers and businesses.