Catherine Rampell: Abolish the debt ceiling, once and for all – Salt Lake Tribune
The debt ceiling, which has been around in some form for about a century, is sometimes portrayed as a way to impose fiscal discipline upon spendthrift legislators. But that’s nonsense. In practice, Congress has exercised little restraint in its red-ink spillage, regardless of statutory limits. Lawmakers have cut taxes and raised spending, over and over, and later hiked the debt ceiling to allow the government to cover the (lately widening) difference.