Liberal journalist Jonathan Chait blasted President Joe Biden for refusing to raise the debt ceiling in a Tuesday article for New York Magazine’s Intelligencer.
Biden vowed on Friday to not raise or eliminate the debt ceiling even if Republicans retake Congress and initiate a standoff over cuts to entitlement programs like Social Security and Medicare. (RELATED: Dems’ Favorite Scholar Ruy Teixeira Predicted Nevada Would Turn Deep Blue. Now He’s Changed His Tune)
“Repealing the debt ceiling, or raising it to a level at which it is practically repealed, is the responsible course of action,” Chait wrote in the article. “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 gaffe about refusing to abolish the debt ceiling sets himself and the country up for disaster. Now it’s on Biden and Democrats to fix it. https://t.co/M2HjcAmFdT
— Jonathan Chait (@jonathanchait) October 25, 2022
“Biden’s dismissive comment was the most irresponsible act of his entire presidency,” Chait added.
Chait argued in the article that raising the debt ceiling would “authorize the Treasury Department to actually pay its lenders what it owes them” and avoid undermining the dollar’s importance in the world market.