House Speaker Nancy Pelosi on Tuesday signaled support for giving the Treasury Department unilateral authority to raise the debt limit and ending the requirement for congressional approval.
“I do think it has merit,” the California Democrat told reporters.
Congress has regularly struggled to find enough votes to raise the debt ceiling over the past two decades due to partisan disagreements. Debt ceiling standoffs have in some instances pushed the nation to the brink of economically damaging “fiscal cliffs.”
Democrats were forced to accept a short-term debt limit extension this month after Republicans refused to provide the 10 votes needed in the Senate to give the Treasury Department additional borrowing authority, citing an effort by Democrats to jam through a