What is the debt ceiling? Here's why Trump wants Congress to abolish it before he takes office
CBSN
Washington — President-elect Donald Trump, Vice President-elect JD Vance and billionaire Elon Musk blew up a GOP-backed deal to fund federal agencies into March, raising the pressure on Republican congressional leaders to craft a plan to avert a government shutdown just before the holidays.
In a statement Wednesday, Trump and Vance lambasted the agreement for including provisions favored by Democrats. But the incoming president and vice president also added a new, significant wrinkle to negotiations when they urged Congress to raise or abolish the debt ceiling now, instead of next year.
"Increasing the debt ceiling is not great but we'd rather do it on Biden's watch," Trump and Vance said in their statement. "If Democrats won't cooperate on the debt ceiling now, what makes anyone think they would do it in June during our administration? Let's have this debate now."
