Trump floats extending debt ceiling to 2029

President-elect Trump reiterated his support for abolishing or raising the debt ceiling, after House Republicans failed to advance a continuing resolution that would keep the government funded past Friday's shutdown deadline.

Trump, whose criticism helped to tank the first iteration of the bill, urged lawmakers to extend the debt ceiling by at least four fiscal years.

“Congress must get rid of, or extend out to, perhaps, 2029, the ridiculous Debt Ceiling,” Trump wrote in a Friday early morning post on Truth Social. 

“Without this, we should never make a deal," he said. "Remember, the pressure is on whoever is President."

The concept seems to be a uniting factor for many Democrats and the president-elect, who believes erasing federal spending limits would benefit the country. He's also argued that those who back a deal without a debt ceiling hike should face primaries.

“The Democrats have said they want to get rid of it," Trump told NBC News in an interview Thursday. "If they want to get rid of it, I would lead the charge."

He added that the debt ceiling “doesn’t mean anything, except psychologically.”

Former National Economic Council member Bharat Ramamurti seemingly agreed, urging Democrats to use the impasse in Congress to push for the elimination of the debt threshold. 

In 2023, President Biden and former Speaker Kevin McCarthy (R-Calif.) agreed to raise the debt ceiling while instating additional federal spending caps over the subsequent two years. The move, which required support from Democrats, angered many of his GOP colleagues who later voted to oust the California Republican from his leadership position.

House members must now decide on how to address the debt ceiling in their third attempt to reach a deal. Speaker Mike Johnson (R-La.) indicated early Friday that a plan C for funding the government had been reached and votes are expected.

Lawmakers now have less than a day to prevent a government shutdown before the holidays. All eyes will be on Johnson as the House Speakership vote looms.