Treasury Secretary, Janet Yellen, said she favors Removing the Debt Ceiling from Congress' Control.
She has warned the U.S. has until Oct. 18th to Raise Spending Limits, or Extend it, or face Default.
A Bill introduced in May, would Repeal the National Debt Ceiling, and Yellen said "yes, I would" when asked during a House Hearing if she backs the effort.
She noted Congress makes the Decisions on Taxes and Spending, and should provide the Ability to Pay those Obligations.
"If to finance those spending and tax decisions, it's necessary to issue additional debt, I believe it's very disruptive to put the president and myself, the Treasury secretary, in a situation where we might be unable to pay the bills that result from those past decisions," she said in response to a Question from Rep. Sean Casten (D-IL, 6th District).
The Remarks were made during a Hearing before the House Financial Services Committee on the Treasury and the Federal Reserve's Economic Response to the Covid Pandemic.
Casten said he was asking Yellen about the Concept of Removing the Debt Ceiling and Not the particular Bill, introduced by Rep. Bill Foster (D-IL, 11th District), along with a Trio of Democratic Senators.
Yellen this week, warned that Extraordinary Measures her Department is using to Keep Funding the Government's Operations.
Earlier in the Hearing, she said the consequences would be Dire if Congress Fails to Raise the Spending Limit. "I think it would be catastrophic for the economy and for individual families," she said.
The U.S. currently is $28.4 Trillion in Debt, nearly $700 Billion of which has been incurred since President Biden took Office, and chose Yellen to Head the Treasury.
The Budget Deficit through the first 10 months of the Fiscal year, stood at $2.71 Trillion. The Federal Government’s Fiscal year, runs from October 1st of One Calendar year, through September 30th of the Next year.
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