Originally Posted by mlyonsd
The Obama administration has suggested eliminating the debt ceiling which would allow the executive branch to borrow how much money they want.
Good idea or not?
One correction though, it doesn't allow the executive to borrow "how much money they want", it allows them to borrow exactly the amount of deficit spending already passed by Congress. Congress passed the deficit, requiring them to pass another bill allowing the Treasury to fund that deficit is pointless and antiquated.
No other country has a "debt ceiling" and it serves absolutely no purpose other than destabilizing markets. Eliminate it.