Economic Policy Journal: Opinion: Robert Wenzel: How to Repeal The Debt Ceiling

 

Too High

Too High

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EconomicPolicyJournal.com: Robert Wenzel: Is There a Big Loophole in the Debt Ceiling Deal that Will For All Practical Purposes Eliminate the Ceiling Forever?.

After seeing the Tea Party caused government shutdown and the effects it has had on the American economy. With twenty-five billion dollars going out of the economy when we are just growing at one percent. And the effect the government shutdown had on our civil service workers who actually need those jobs. And their paychecks and aren’t wealthy members of Congress who can afford to go without them. It is clear we need to reform not only how we manage our debt and deficits by yes brining. Them down but how we reform how Congress passes budgets and means changing some House and Senate rules.

The House majority and minority party leaderships name their conferees. To the Congressional Budget Conference before the budget passes in the House. And they get automatically appointed to the Congressional Budget Conference to. Represent the House of Representatives in this budget negotiations and not. The House majority party leadership deciding after they pass their budget. That they aren’t going to bother to conference with the Senate. And the Senate should reform itself as part of the Congressional budget process by doing. The Same thing that the majority and minority party leaderships appoint their conferees. To the Congressional budget conference before the vote on final passage of their budget. Once the budget is passed the chair would automatically appoint its members to the. Congressional budget conference to represent the Senate in those negotiations. Rather than the Senate majority party leadership deciding it doesn’t want to conference with the House. Or the Senate minority party blocking conferees to the Congressional budget conference.

But going further than that I wouldn’t mind if we essentially repealed the debt ceiling under. Certain conditions that one the President of the United States can only raise the debt ceiling. The amount that the president and Congress have borrowed since the last debt ceiling increase. And that it is paid for and part of the budget process. The president and Congress have to raise the debt ceiling but they would work together. In paying for it through their budget negotiations and then after they agree on how it is paid for. The president could unilaterally raise the debt ceiling on his or her own. With Congress being able to repeal that on a simple-majority vote. So we could avoid these conflicts in the future by Congress getting together to pass one final budget. Between the House and Senate by working this out in a conference in the early summer or late spring. And get a final agreement with the president that also includes a debt ceiling increase. And how it is paid for.

To avoid government shutdowns in the future we also need to reform the. Congressional budget process in another way. Once the Federal Government runs out of appropriations the first time because Congress. Doesn’t have a final budget or the appropriations bills haven’t been completed. The Federal Government would automatically get a continuing resolution that would last for thirty days. Under last year’s budget numbers and if they fail to pass a budget or complete the appropriations. After thirty days the Federal Government would get another thirty-day extension. And would get another one if Congress fails again. And if Congress still hasn’t completed the budget or appropriations by January or reached. And agreement with the president, appropriations would run out and there would be a partial shutdown. But after the holiday season not right before it.

What we are doing now is nuts and stupid and innocent people pay too heavy of a price for it. Because a nutty minority faction that isn’t in government to govern decides to. Shutdown the government and risk a national default over one law. And we need to and can do better than that while still getting the national debt and deficit. Under control and not go through these crazy debt ceiling and budget debates every year.

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About Ederik Schneider

Blogger on a whole host of subjects.
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