Late yesterday, news about the White House’s opening offer on the fiscal cliff began to leak to the media.
One of the key ideas to emerge was that the president would push to put an end to the debt ceiling. Under the new plan, Congress would have to vote to block a debt ceiling hike rather than vote to raise the debt ceiling. A debt ceiling vote would effectively become a ceremonial vote.
This morning, Business Insider’s Joe Weisenthal was on Bloomberg TV with Roger Altman, chairman of Evercore Partners and former assistant treasury secretary.
Weisenthal asked Altman if he agreed with Geithner’s proposal [3 minute mark]:
“Yes it is a good idea. There are a lot of anachronisms in Washington, but the need to periodically raise the debt limit by Congressional vote is certainly one of them.
It’s crazy. As we all know the budget decisions which give rise to increased debt are what counts, and the debt is just a by-product of those budget decisions.
So the whole idea that you have a budget on the one hand, but then have to raise the debt ceiling through a separate process is nonsensical.”
SEE ALSO: The Ultimate Guide To The Fiscal Cliff >