Liberal Journalist Criticizes Biden for ‘Most Irresponsible Act’ of His Time in Office
Liberal journalist Jonathan Chait took aim at President Joe Biden for his position on the debt ceiling. On Tuesday, Chait shared an article on Twitter he wrote for New York Magazine’s Intelligencer titled, “Biden…
Liberal journalist Jonathan Chait took aim at President Joe Biden for his position on the debt ceiling.
On Tuesday, Chait shared an article on Twitter he wrote for New York Magazine’s Intelligencer titled, “Biden Debt-Ceiling Gaffe Could Destroy His Presidency: The president accidentally invited Republicans to melt down the Economy. Oops.”
Opening his article, Chait mentioned a moment from last week during which a reporter asked Biden if he would support a repeal of the debt ceiling.
“A permanent repeal of the debt ceiling? … Just say we don’t have a debt limit?” Biden asked, adding, “No. That’d be irresponsible.”
In his piece, Chait argued repealing the debt ceiling is “the responsible course of action.”
He added, “Leaving the debt ceiling in place invites political chaos and creates the risk of a global economic meltdown with absolutely no benefit whatsoever. Biden’s dismissive comment was the most irresponsible act of his entire presidency.”
Chait pointed out the debt ceiling is “not an instrument that limits the government’s ability to borrow money. The amount of debt is determined by Congress, which sets levels of taxes and spending and borrows the difference between the two.”
The article explains the concept is a “separate vote to authorize the Treasury Department to actually pay its lenders what it owes them. Because of the dollar’s unique role underpinning world markets, a failure to repay would trigger an unpredictable and potentially catastrophic meltdown of global currency markets.”