Biden on Abolishing the Debt Ceiling: 'What Do You Mean?' Then: 'That Would Be Irresponsible' (October 21, 2022)

As President Joe Biden finished a speech on the deficit, a reporter shouted a question that split his own party. “On the debt ceiling, do you support the permanent repeal of the debt ceiling, sir?” [1]

“The permanent repeal of the debt ceiling? What do you mean?” Biden answered. “You mean, just say we don’t have a debt limit?” When the reporter said yes, Biden said: “No.” Then: “That would be irresponsible” [1].

His own Treasury secretary had taken the other side. Janet Yellen was “in favor of eliminating the debt ceiling entirely,” Fox Business reported a year earlier [2].

The video above shows the exchange after Biden’s Oct. 21, 2022, remarks on the federal budget deficit. Quotes are from the official transcript published by the American Presidency Project [1].

”What Do You Mean?”

The question came in a scrum of shouted questions as Biden left the lectern. “Mr. President, on the debt—on the debt ceiling,” one reporter called out, as another tried, “Mr. President, speaking of midterms——” [1]

The exchange that followed, in full: “Of the debt limit. Yes,” the reporter said. “You mean, just say we don’t have a debt limit?” Biden asked. “No debt limit,” the reporter said. “No,” Biden said. “Okay,” the reporter said. “That would be irresponsible,” Biden said [1].

Yellen’s Position

Yellen had made her position plain during the 2021 debt fight. Fox Business reported in October 2021 that she was pushing a global minimum tax while staying “confident that a deal will happen in time” on the debt ceiling [2].

“This would be a self-manufactured crisis that affects our economy at a time when we’re recovering from the pandemic,” Yellen said then, according to Fox Business [2].

Ukraine

A reporter turned to Ukraine. “So you heard the Republicans. You have the means and the will to continue supporting Ukraine?” a reporter asked [1].

“Yes, because if we support Ukraine, we’re supporting all of Europe, we’re supporting NATO. Do you think that Mr. Putin decides he’s just going to deal with Ukraine and that’s the end of it?” Biden said. “I—don’t understand the threat that they’re saying they may have to stop funding the Ukrainians in their war against this brutal dictator” [1].

”I’m Just Getting Greedy”

The last question was about the midterms. “Last night you said you need 53, not 51, votes to pass your agenda,” a reporter said. “I’m just getting greedy,” Biden answered [1].

“What did you mean by that? Were you referring to Manchin and Sinema?” the reporter asked. “No, I just think the more we have, the more certain. Fifty-one just gives me one more. I’d like to have three more. It’d make it a lot easier,” Biden said [1].

By the Numbers

53: Senate votes Biden said he wanted [1].
47: Democrats in the Senate at the end of the next Congress, by the Senate’s count, with 49 Republicans and 4 independents [3].
Jan. 1, 2025: the end of the debt limit suspension Biden signed in 2023 [4].
$5 trillion: the increase in the debt limit in the 2025 law Trump signed [5].

What Happened Next

The fight came in 2023. “The debt limit is projected to be reached on Thursday, January 19th. At that point, Treasury will begin to take extraordinary measures to prevent default,” Jean-Pierre said on Jan. 13, 2023 [6].

Quoting Yellen’s letter to Congress, Jean-Pierre said: “It’s unlikely that ca- — that cash and extraordinary measu- — measures will be exhausted before early June.” A reporter noted the timing: “Because today is six days to the 19th. A few years ago, she did it about 10 days beforehand.” “I would refer you to the Department of Treasury,” she said [6].

Biden’s team insisted Republicans raise the limit with no strings. “So we should not be doing this with conditions. It should be done without conditions. And we should not be negotiating around it,” press secretary Karine Jean-Pierre said on Jan. 20, 2023. She cited history, “I mentioned 78 times that this — that the debt ceiling has been dealt with 3 times — 3 times in the last administration,” and quoted Senate Republican leader Mitch McConnell: “America must never default on its debt. It never has, and never will.” [7]

Then Biden negotiated. On May 9, 2023, after meeting congressional leaders, Biden said: “I just finished, I thought, a productive meeting with the congressional leadership about the path forward to make sure America does not default.” He added: “I made clear during our meeting that default is not an option” [8]. The Fiscal Responsibility Act he signed in June 2023 said the debt limit “shall not apply for the period beginning on the date of the enactment of this Act and ending on January 1, 2025” [4]. Yellen hailed “bipartisan legislation to suspend the debt limit and prevent a first-ever default by the United States” [9].

Trump raised it by $5 trillion. On July 4, 2025, President Donald Trump signed Public Law 119-21, which said the debt limit “is increased by $5,000,000,000,000” [5].

The Senate. Biden never got his 53. The Senate’s party-division record lists the 118th Congress at 47 Democrats, 49 Republicans and four independents [3].

For Biden’s deficit claims in the same speech, see HYGO News’ page on “one more shift back to our side”.