Another day, another debt limit debate

Clouds move as the sun sets against the west front of the United States Capitol building.

Congressman Jerrold Nadler.

New York Democratic Rep. Jerrold Nadler has introduced a bill to get rid of the debt ceiling. It’s called the 'Full Faith and Credit Act.'

Just make it go away.

(Which does seem almost too easy.)

When it comes to debt ceiling negations, Congressman Nadler likens Republicans in the House to “a 1930s gangster movie -- that’s a nice economy you got there. Pity if it should blow up.”

He says Democrats, while not willing to discuss cuts to social security, would be willing to negotiate cuts to Medicare. Provided, of course, those cuts aren’t in Medicare benefits. But Rep. Nadler says Republicans have “weaponized” the debate around the debt ceiling and “we should not be prepared to negotiate at the point of a gun.”

He acknowledges the debt limit debates reflect poorly on Congress. “Only one party is being really irresponsible here and it takes two to tango.”

At the end of the day, Rep. Nadler hopes President Obama will either reconsider the trillion-dollar coin (#MintTheCoin) or invoke the 14th Amendment.

About the author

Kai Ryssdal is the host and senior editor of Marketplace, the most widely heard program on business and the economy in the country.

Congressman Jerrold Nadler.


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