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Bernanke: Debt limit should be scrapped

Peter Schroeder
The Hill [1]
Jan 15, 2013

Federal Reserve Chairman Ben Bernanke on Monday said the debt ceiling has no value to the United States and should be scrapped.

“It would be a good thing if we didn’t have it,” the Fed chairman said at the University of Michigan.

Bernanke acknowledged, however, that that charged politics surrounding the debt likely mean the borrowing limit is here to stay.

The powerful Fed chairman has repeatedly urged Congress to avoid putting the U.S. economy and its financial reputation at risk with long-running fights over the debt limit, which stands at $16.4 trillion.

Full article here [2]