Eliminating the federal limit on government borrowing would remove one hurdle to congressional approval of the Trump’s package of major policy priorities for tax cuts and border security.
Moody’s pushes US out of top triple-A rating club, citing debt
Moody’s downgraded the U.S. sovereign credit rating on May 16 due to concerns about the nation’s growing $36-trillion debt pile, in a move that could complicate President Donald Trump’s efforts to cut taxes and send ripples through global markets.
- Trump agreed with Sen. Elizabeth Warren, D-Mass., that the country should abolish the federal limit on borrowing.
- After credit-rating agencies downgraded the U.S. government, Trump said the debt limit should be scrapped to avoid economic catastrophe.
WASHINGTON – President Donald Trump announced he agrees with a longtime antagonist, Democratic Sen. Elizabeth Warren, on the need to abolish the cap on the country’s borrowing.
The announcement…
