Just six short weeks ago, the country appeared at risk of default as Democrats and Republicans squabbled over whether to raise the federal debt limit. In the end, crisis was narrowly averted as the two sides agreed on a last-minute deal to raise the limit in exchange for a host of spending cuts.
Rep. James P. Moran Jr. (D-Va.) has an idea for how to avoid future fights over the debt limit — get rid of it.
On Wednesday, Moran will join Reps. Jerrold Nadler (D-N.Y) and Hank Johnson (D-Ga.) to unveil their Full Faith and Credit Act of 2011. The measure would eliminate the federal debt ceiling, which they call “an unnecessary law increasingly used as an impediment to Congress’s ability to further economic recovery.”
Moran was one of 95 House Democrats who joined 66 Republicans who voted against the debt-ceiling deal Aug. 1.
Their bill stands little chance of advancement in a Republican-controlled House. Though the ceiling has been raised repeatedly over the years with relatively little fanfare, conservatives have recently seized on it as a valuable tool to ensure fiscal discipline.