Debt ceiling crisis: The debt ceiling is a pointless, dangerous relic, and it should be abolished.

Commentary about business and finance.
May 16 2011 6:19 PM

Abolish the Debt Ceiling!

It's a pointless, dangerous historical relic.

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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?