JPMorgan Chase CEO Jamie Dimon weighs in on President Donald Trump’s ‘big, beautiful bill.’
Sen. Elizabeth Warren, D-Mass., said on Friday she agrees with President Donald Trump’s call to eliminate the debt limit, urging bipartisan action to scrap it permanently.
In a post on X, Warren wrote: “@realDonaldTrump and I agree: the debt limit should be scrapped to prevent an economic catastrophe.”
“Let’s pass a bipartisan bill and get rid of it forever,” she added.
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Sen. Elizabeth Warren said she agrees with President Donald Trump’s call to eliminate the debt limit. (Photo by Drew Angerer/Getty Images / Getty Images)
The senator also said “jacking up the debt limit by $4 trillion to fund more tax breaks for billionaires is an outrage,” in an attack on a GOP-backed tax bill to enact Trump’s priorities.
Warren’s post cited comments Trump made at a news conference earlier on Friday, when he referenced her past support for eliminating the debt limit and said he “always agreed with her” on the issue,
“She wanted to see it terminated, gotten rid of not being voted on every five years or 10 years, and the reason was because it’s so catastrophic for our country,” Trump said.
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The debt limit was last suspended by Congress in the summer of 2023. (Al Drago/Bloomberg via Getty Images / Getty Images)
The debt limit was last suspended by Congress in the summer of 2023 as part of a bipartisan bill reached between Republican leadership and former President Joe Biden, pushing off the threat of national default through January of this year, when the debt limit was reinstated at more than $36 trillion.
The Treasury Department said in January that the government would need to implement “extraordinary measures” to prevent it from defaulting on its debt.
Earlier this month, Treasury Secretary Scott Bessent called on Congress to raise the debt ceiling by mid-July to prevent the government from defaulting, warning that the country is on track to run out of money to pay its bills as early as August without congressional action.
Trump said he “always” agreed with Sen. Elizabeth Warren on eliminating the debt limit. (Anna Moneymaker/Getty Images / Getty Images)
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“A failure to suspend or increase the debt limit would wreak havoc on our financial system and diminish America’s security and global leadership position,” Bessent wrote to House Speaker Mike Johnson, R-La. “Prior episodes have shown that waiting until the last minute to suspend or increase the debt limit can have serious adverse consequences for financial markets, businesses and the federal government.”
Republicans want to raise the debt ceiling as part of a broader package, but intra-party debate remains over issues such as tax changes.
