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Congress should raise debt ceiling for the long term, White House economic adviser says

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Jared Bernstein:

So, let me say that that is factually incorrect, and it’s important to get this straight. This is not Democrat debt. It’s not necessarily all Republican debt. It’s both.

And the reason for that is that this has nothing to do with forthcoming spending. It has nothing to do with building back better, the infrastructure plan, the Rescue Plan. It has nothing to do with new spending. It has everything to do with the stock of debt that both parties have accumulated.

And the debt ceiling is simply a line in the sand that says, when you hit that, the Treasury can’t go out and borrow what it needs to borrow in order to pay bills that both parties have already incurred.

This is perfectly analogous to the two of us going out to dinner, which I would very much enjoy, and, after dinner, the check comes and we say, no thanks. We don’t want to do that.

But one party is doing that. The Republicans are not cooperating with the Democrats, not working together, as Democrats did under the Trump administration, to lift this ceiling quickly and efficiently.