Joe Biden’s budget plan would be America’s greatest experiment in socialism in living memory.
But there’s one thing standing in his way.
And now, this top Biden official just revealed their plan to bankrupt America.
A top Biden official is now openly calling for Congress to do the unthinkable and abolish the Federal debt ceiling.
The debt ceiling places a cap on the amount of money the Federal government can borrow without additional authorization from Congress.
Without it, Congress would be effectively powerless to reign in spending conducted by the executive branch of the Federal government, namely under the direction of the President and other Federal agencies.
But while Congress has historically raised the debt ceiling for decades without much debate, fiscal conservatives recognize that the debt ceiling is an important tool to keep the Federal government from growing too rapidly out of control, and routinely try to use negotiations on the debt ceiling to draw concessions from tax-and-spend liberals.
And with the Federal government already nearly 30 trillion dollars in the hole, the debt ceiling is more important now than ever before as the Federal government continues to light trillions of dollars on fire in a bid to bankrupt the United States as quickly as possible.
But now, Biden’s top treasury official, Janet Yellen, is calling for the debt ceiling to be eliminated outright, removing one of the last obstacles to Biden’s budget-busting “reconciliation bill”, which is larger than almost any other spending proposal in Federal history.
CNBC reports, “With a potential default looming for the U.S. in October, Treasury Secretary Janet Yellen said Thursday she would just as soon see the power over debt limits taken away from Congress. A bill introduced in May would repeal the national debt ceiling, and Yellen said “yes, I would” when asked during a House hearing if she backs the effort. She noted Congress makes the decisions on taxes and spending, and should provide the ability to pay those obligations.”
“If to finance those spending and tax decisions, it’s necessary to issue additional debt, I believe it’s very disruptive to put the president and myself, the Treasury secretary, in a situation where we might be unable to pay the bills that result from those past decisions,” Yellen said.
Yellen believes that the debt ceiling is simply an impediment to meeting America’s existing obligations, but in arguing so, she’s misleading the American people.
The debt ceiling isn’t a cap on meeting existing obligations at all, it’s a cap on new spending that hasn’t been paid for.
And with the Federal government having already spent more money in the past 18 months than it did to win World War II, the US dollar is in free fall as inflation skyrockets to levels scarcely seen before in living memory.
Abolishing the debt ceiling isn’t a way to meet America’s existing obligations, it’s a recipe to bankrupt America and drive it into financial ruin.
And with Biden’s newest spending plan containing trillions in new spending that America’s Federal government simply doesn’t have, Yellen is well on her way to getting the United States there.