Ellison calls for debt ceiling abolishment

by Brett Neely, Minnesota Public Radio

WASHINGTON — Democrats on Capitol Hill, including Minneapolis Rep. Keith Ellison, are introducing legislation that would abolish the government's debt ceiling.

At a press conference Wednesday, Ellison said the debt ceiling was a poorly understood issue.

"Raising the debt ceiling is not like calling up the credit card company to increase your credit limit so you can go spend more money," Ellison said. "It's much more like borrowing so you pay for things you already bought."

The federal government will default on its obligations sometime next month if the ceiling isn't raised.

But some Republicans in Congress say the limit should only be increased if President Obama makes major spending cuts to programs such as Social Security and Medicare.

A similar standoff in 2011 resulted in credit agencies lowering the nation's credit rating.