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Time to Eliminate the Debt Ceiling?

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    Rep. Jan Schakowsky, (D-Ill.), on the debt ceiling debate.

  • Duration 5:37
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Huh how GOP is set to vote on a temporary debt limit hike next week but some legislators are saying just get rid of the debt ceiling altogether.

One of them joins me now Illinois congresswoman Jan should county congressman thanks for coming -- appreciated.

Thanks now I gotta bring up some of your history -- -- the debt ceiling into -- we looked it up in 2002.

In 2004.

And in 2006.

You voted not to raise the debt limit ceiling which leads me to ask.

Why if you voted over and over again for as strict debt ceiling are you now for getting rid of it all together.

You know -- number of us voted no knowing that it was a kind of protest the symbolic.

-- about war spending -- -- that we didn't approve of never thinking that it was because we didn't -- -- ultimately pay the debts of the United States of America.

Now where if you will excuse the expression shooting with real bullets that is it could -- Devastating consequences.

If we actually -- not to pay the bills and disturb the full faith and credit of the United States of America.

But you look at the way the debt ceiling is increase that the last three years of the Bush Administration granted it was up if you had reason.

To before some some strict.

Funding rules but it went up one trillion from 2006 to 2009 from nine to ten trillion but then in the first three years of the Obama administration went.

Up six trillion dollars from ten to sixteen trillion dollars don't we need something in bear.

The discipline that congress and the president about spending.

You know this idea -- that Democrats need to be disciplined it is -- Democrats and Republicans congressman Rogers Democrat both of you well.

Let let let -- just say that you know it was knocked out on the -- that we have a democratic president.

That actually handed off.

A large surpluses stars they acted seem really to a Republican president that then put everything -- they of the credit cards that that blew up the the debt and the deficit.

Now that and and that we ended up with a a mirrored by a reception.

And so clearly of course -- -- spending was going to.

Go up but actually it's gone up slower and the Obama administration.

That it did in the either bush or the Reagan administration's.

That is how they.

Synagogues -- I -- I -- argue that point as we just put up the numbers.

As I said the last three years of bush -- went from nine trillion to ten trillion.

The first three years -- President Obama it went from ten trillion to sixteen trillion that's a huge increase.

Well it did it this is not because of profligate spending this is.

The they public.

The government has been spat has been spending.

Two more people are -- programs because of the unemployment etc.

and so we have had a problem.

I was on the -- -- commission I actually introduced my own plan that did more deficit reduction.

Including for example creating a public option and in health care that would save a 104 billion dollars over ten years so there are ways that we can do it but to -- that were not point wouldn't jeopardize the economy of the United States and frankly even the world.

By not paying the bills that have already -- heard is absolutely new.

You're willing to bring us to that -- in 20022000.

Dollar 1006 -- you voted no I think I burns.

-- keeping the debt limit ceiling write down where was -- that was that's the same kind of danger in terms of going weren't into that default mode.

It wasn't because that was that was those that kind of protest -- Knowing very full well that this was going to pass it had gotten to the point -- we seriously going to not let President Bush.

Page four of the out the -- -- have been incurred I absolutely would have voted.

In favor of raising the debt ceiling -- stocks -- Outstanding final question about spending as I'm -- get -- here but we had.

-- -- 2008 we had spending level of about three trillion dollars in 2009 that -- ballooned up about 20%.

To about three and a half trillion dollars now a lot of that was because.

Of the stimulus program which was part bush in -- President Obama.

But then we remained at that level for the next four years.

20123.

Point five trillion dollars this is a stimulus that never ended isn't that the cause of.

Our debt problem.

Well you know actually President Obama has signed into law 2.4.

Trillion dollars with the debt reduction.

Three quarters and -- literature that's pie in the sky congressman I'd argue about what has actually been spent a lot I -- but.

This is what and and are you suggesting that we should not pay those bills is that really what you think that we should not -- the bill I was.

Say what I really think congresswoman is that we're not gonna get the spending that has been promised because every time we're promised.

Cutbacks in spending we don't get it.

That's a lot -- you signed -- a lot 2.4 trillion dollars worth of cuts.

And ask that cops program.

The the police officer's program which has already been cut there's many many things that have already being cut and were willing to go further.

But to say that were going to not paid the bills that have been incurred is just lunacy.

All right the hardest question I've -- -- so far is Evanston Illinois still the most beautiful place in the world it is absolutely the most beautiful I let -- let me bring out that authority -- congresswoman great to have you have a wonderful weekend Eric.

Thank -- -- to appreciate it thank you very much in an.

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