Democrats have introduced a bicameral proposal to overhaul the debt ceiling process, leaning heavily into the recent default scare to push a bill that would essentially let Treasury ignore the debt cap and continue writing cheques with no limit.
The Debt Ceiling Reform Act, introduced jointly on Friday by Rep. Brendan Boyle (D-Pa.) and Sen. Dick Durbin (D-Ill.), authorizes the Treasury Department to keep paying the government’s bills regardless of the statutory debt limit, unless Congress expressly says no.
Under the proposal, Congress would only be able halt payments on government debt if lawmakers in both chambers were to pass a veto-proof resolution of disapproval within 30 days of blowing through the debt cap….