ABSTRACT

Why Congress Needs to Abolish the Debt Limit, Hearing Before the Committee on the Budget, House of Representatives, One Hundred Seventeenth Congress, Second Session, February 16, 2022   [open pdf - 9MB]

This is the February 16, 2022 hearing on "Why Congress Needs to Abolish the Debt Limit," held before the U.S. House Committee on the Budget. From the opening statement of John A. Yarmuth: "The debt ceiling now plays an outsized role in our politics and congressional deliberations--something that was never intended. This century-old law was created to make borrowing easier, not harder. Its misuse has already jeopardized our ongoing recovery once, and now threatens the future of our economy and the American people. We will get into the details of why we think it needs to be abolished during this hearing, but because I cannot think of another provision of budget law that has been as misused, misunderstood, and misrepresented as much as the debt limit, I want to lay down the facts right away. [...] [A]s long as the debt limit remains in place, there is a direct threat to our entire economy, and Congress is becoming less and less capable of defusing it. It is time to abolish the debt ceiling. I look forward to hearing from our panel of witnesses who will share their expert analysis and first-hand experience with the costs and risks of this outdated law." Statements, letters, and materials submitted for the record include those of the following: Laura Blessing, Louise Sheiner, LaJuanna Russell, and Mick Mulvaney.

Report Number:
Serial No. 117-6
Publisher:
Date:
2022
Copyright:
Public Domain
Retrieved From:
U.S. Government Publishing Office: http://www.gpo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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