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Trump Is Pleased Because He Finally Agrees With Elizabeth Warren On Something: Scrap The Debt Limit To Prevent An 'Economic Catastrophe'

Trump Is Pleased Because He Finally Agrees With Elizabeth Warren On Something: Scrap The Debt Limit To Prevent An 'Economic Catastrophe'

Yahoo07-06-2025

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President Donald Trump endorsed abolishing the federal debt limit, unexpectedly siding with long-time critic Sen. Elizabeth Warren (D-Mass.) as Congress races to keep the government from hitting its $37 trillion borrowing cap.
What Happened: Trump on Wednesday urged Congress to "entirely scrap" the nation's debt limit, echoing a call Warren issued last week.
The president said, in a Truth Social post, that leaving the cap in place hands "economic catastrophe" to politicians who weaponize every vote. Warren posted a similar message on May 30, warning that failure to act would "prevent an economic catastrophe."
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Screenshot From President Donald Trump's Truth Social Account
Treasury Secretary Scott Bessent has told lawmakers the government could exhaust its borrowing authority by August, intensifying a partisan clash over Trump's 1,100-page tax-and-spending plan, which already includes a debt-limit increase. The Congressional Budget Office estimates that package would swell federal deficits by $2.4 trillion over 10 years — a projection Warren blasted even as she embraced Trump's call to kill the cap.Why It Matters: The unusual alignment between Trump and Warren follows years of barbs — Trump once mocked Warren as "Pocahontas" over her Native-American ancestry claims. At the same time, Warren has labeled his economic agenda "textbook corruption." Their latest spat flared again on Tuesday when Warren warned Trump that his 'One Big Beautiful Bill' could fuel rising rents and violate Senate procedural rules.
While Trump and Warren now agree on abolishing the limit, they diverge on his broader package. Warren argues it favors the wealthy and piles on debt, citing CBO data. On the other hand, Trump insists the measure delivers growth via tax relief, spending trims, and border security funding.
House and Senate leaders must decide whether to keep the limit-scrapping provision in Trump's omnibus bill or stage a separate vote. A failure to strike a deal before August would force the Treasury to deploy "extraordinary measures" — an expensive stop-gap both parties say they want to avoid.
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Photo courtesy: Rawpixel.com / Shutterstock.com
This article Trump Is Pleased Because He Finally Agrees With Elizabeth Warren On Something: Scrap The Debt Limit To Prevent An 'Economic Catastrophe' originally appeared on Benzinga.com

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