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?
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Annie Lowrey, formerly Slate’s Moneybox columnist, is economic policy reporter for the New York Times.
Illustration by Mark Alan Stamaty.
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