President Donald Trump amplified his calls to abolish the U.S. debt limit Wednesday, saying it should be “entirely scrapped to prevent an Economic catastrophe.”
Trump is currently in negotiations with Senate Republicans regarding his tax package, which fiscal hawks warn will add trillions to the national deficit. Eliminating the debt limit, a position long backed by some Democrats, including Sen. Elizabeth Warren (D-MA), would lift the legal limits on how much the government can borrow to offset federal spending.
Republicans are scrambling to advance Trump’s “One Big Beautiful Bill” through the Senate after it was passed by the House late last month. The bill itself proposed raising the debt limit, as opposed to Trump’s proposal of eliminating it entirely, ahead of an estimated August deadline to
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