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US president Donald Trump and Democratic Senator Elizabeth Warren are both calling for the elimination of the US debt ceiling , while both of them are known for their sharp differences, they now share a common stance on one of the country's most controversial fiscal policies, as per a wrote on his social media site Truth Social on Wednesday, saying, 'I am very pleased to announce that, after all of these years, I agree with Senator Elizabeth Warren on SOMETHING. The Debt Limit should be entirely scrapped to prevent an Economic catastrophe. It is too devastating to be put in the hands of political people that may want to use it despite the horrendous effect it could have on our Country and, indirectly, even the World. As to Senator Warren's second statement on the $4 Trillion Dollars, I like that also, but it would have to be done over a period of time, as short as possible. Let's get together, Republican and Democrat, and DO THIS!'While, the House has passed Trump's "big, beautiful bill," now the president is pushing for the Senate to pass the bill, including plans to raise the nation's debt ceiling by $4 trillion, reported The Hill. Treasury Secretary Scott Bessent has alerted that Congress needs to lift the debt ceiling by mid-July to prevent a default, as per the report. The Treasury has also pointed out that it could have to resort to "extraordinary measures" to prevent the government from defaulting on its $30 trillion debt, according to The Hill debt ceiling, which is also called the debt limit, "is the maximum amount of money that the United States can borrow cumulatively to meet its existing legal obligations," as defined by there has been controversy about whether the debt ceiling is constitutional because as per the 14th Amendment of the US Constitution, 'The validity of the public debt of the United States, authorized by not be questioned," as quoted by Investopedia in its the debt ceiling, which was created in 1917 is a legislative cap that has to be raised by a majority vote in both the Senate and the House of Representatives, which just raises the limit on the amount of money the government can borrow to pay back commitments already agreed upon by Congress, reported USA both believe the debt ceiling creates unnecessary economic risk and should be eliminated to prevent political gridlock from leading to a national current debt ceiling suspension is ending, and the government could hit the limit by August unless Congress acts.
