Treasury Secretary Janet Yellen thinks it is time to abolish debt ceiling. I agree. It is a 100 year old law that has outlived its usefulness.
Congress has not balanced the budget in years so our national debt increases constantly. And both parties have played a role in this so it seems ridiculous to claim it is a partisan problem as Mitch McConnell does. Senator McConnell seems to believe this is entirely a Democratic problem and he will not allow any Republicans to vote to avoid a financial disaster.
Now would be a good time for Democratic Senators to unite to eliminate the filibuster which seems to be the only thing causing this potential world-wide disaster.
abolishing the Debt ceiling then how would it effect Seniors that is on Social Security Benefits ?
From what I’ve read either raising the debt ceiling or abolishing it would enable the government to continue Social Security payments as usual. If the ceiling is raised, we will have to face this issue every time we get close to the ceiling. If we abolish it, there will no longer be a ceiling to worry about. So raising is a temporary fix for the debt ceiling problem but abolish is a permanent fix.
Here are a couple recent articles that discuss this:
https://www.cnn.com/2021/09/30/politics/debt-ceiling-social-security-payments/index.html
https://www.nytimes.com/2021/10/06/business/debt-ceiling-social-security-medicare.html