Debt ceiling should be 'eliminated altogether': IMF chief | ABCNL

ABC News' Elizabeth Schulze spoke with IMF managing director Kristalina Georgieva, who called for eliminating the U.S. debt ceiling, saying it is a "man-made problem" threatening the global economy.

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[jessicapink]

IMF: We don’t want a default because we’re funded by the U.S. Government. /s

[COJC]

Why doesn't anyone talk about our country getting out of debt???!!!

[niclewis]

Pay the Bills. How many times have you heard anyone say the government does too much for them, that their Social Security check was too high or that Police and Teachers are paid too much? Debt is money spent.

[titan]

If IMF pays off our debt, we will eliminate debt ceiling.

[DizzyDad]

She said "This a man-made problem" and "maybe we should call on women to fix this." This is a failure in her understanding of a lot of things. Age, race, sex, etc should not be a factor which she is clearly trying to identify. The debt ceiling issue....is caused by "men" is what she thinks. Get this fool out of here ..

[MA-vwpl]

Does the IMF chief even have any scholastic credential?

[RoobieRhoo]

I believe it's important to consider the debt ceiling periodically, but I totally agree it's very important to remove the threat of default on our debt, cuts to mandatory spending, and haircuts to lawful legislation. All of which are unlawful acts. The President has constitutional responsibility to "take care" of the law. We cannot force our President to act unlawfully in the event congress cannot agree on spending levels or appropriations.

We could pass the Responsible Budgeting Act or similar legislation which causes spending to automatically snap to a level of, say, the past year. It can include a sufficient ceiling for a debt limit increase in the event an agreement on the debt ceiling cannot be reached. They remain in effect until such time the budget and appropriations talks settle the revenue, borrowing, and spending conflicts by a majority vote of congress.

The minor spending cuts normally achieved during debt ceiling negotiations are minor compared to the damage the X date causes in the US and global economy even before actual default. The US will never default on interest payments or maturing debt per the 14th amendment, but it may have to haircut lawful legislation without the unconstitutional line item veto. Default sends us into uncharted and unconstitutional waters.

[bettyeverett]

I concur...It needs to happen sooner rather than later. The US and only a couple other countries have this, but they get it resolved quickly, unlike the US dragging their heels on something that didn't even need to happen. A manmade fiasco.

[ayasensei]

Can we eliminate our personal debts too?

[annabellelee]

Well, that means we'll hit 50 trillion by Christmas and collapse by Valentine's Day 2024.

[chanahyingchan]

All of America's life line depends entirely on Debt Ceiling. How much longer can
US government relies on it's Allies to maintain their US reserves

[micheldenostredame]

Do you know how many countries have deposited national gold bullion in the US. bank after World War II? And now the US. is in crisis that the Fed. can no longer print credit money. I'm wondering if there are any gold bars left in the vault.🙂

[sootuckchoong]

To solve the $31 trillion is actually very simple. Just stop the military spending of nearly $1 trillion every year for a total of 31 years, and the $31 trillion debt is solved. Then can start the military spending again. Whats so difficult about that.

[panadorth]

Madness! Without debt ceiling, inflation will be crazy because federal reserve is buying and already biggest owner of US bonds. Federal issues bonds and print the money to buy bonds...

[williamgarcia]

WITHOUT A DEBT CEILING, THE US WILL KEEP ON PRINTING MONEY. WHICH WILL LEAD TO HYPER INFLATION. HOW DID THE WISE N POWERFUL USA SUNK INTO SUCH LAUGHABLE LOW LEVEL?

[redjetsen]

EU Modern Monetary theory managers want unlimited power. Debt needs to be approved by elected officials not appointed elitist Kings and Queens

[randallstewart]

Note: This is the rest of the world laughing as us one more time.

[B]

then the $ has zero value if money or debt isnt real

[KimSyracuse-vhlx]

Excuse are better then ever but again remember who bought y'all republicans party house speaker in office yeah dearly it can snap of a fingers of the United States of America we the people dearly so much snap of finger