Nadler added that the federal government needs to focus on sending aid to states, building infrastructure and creating demand in the economy, all goals that are in stark contrast to those of Republicans who are looking to give the government less influence over the economy.

"If we are to prevent years of unemployment and the attrition of America's great middle class, we must act now," Nadler said. "We must eliminate the debt ceiling; we must create jobs and opportunity; and, we must move past this misguided and dangerous obsession with balancing the budget on the backs of the middle and working classes."

More technically, Nadler argued that the congressionally approved debt limit is "truly arbitrary," as it does not prevent the U.S. from incurring new debt through congressional appropriations.

"The debt ceiling prevents the President from borrowing money to pay those debts when they come due," he said. "While this has never been a problem in the past, the dangerous game of chicken Republican radicals played with the full faith and credit of the United States demonstrates that we can no longer risk allowing this artifact of World War I to threaten our nation's creditworthiness."