Abolish the Debt Ceiling!
It's a pointless, dangerous historical relic.
That worst-case scenario seems vanishingly remote. The best-case scenario for raising the debt ceiling is that Congress does it quickly—and then moves on to tackling the country's real, long-term, enormous fiscal imbalance. Given the horrific downside and negligible upside, why not just get rid of it?
Annie Lowrey, formerly Slate’s Moneybox columnist, is economic policy reporter for the New York Times.
Illustration by Mark Alan Stamaty.