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The US is about to collide with the debt ceiling again — here's why we should just kill it for good
Extracto：The best way to solve problems created by the debt ceiling is to get rid of it, writes economist Steve Pressman.
The US government hasn't been able to borrow money since March 1 and has been burning through cash.
The government's borrowing is limited by the debt ceiling, established in 1917.
The best way to solve problems created by the debt ceiling is to get rid of it, writes economist Steve Pressman.
Editor's note: The US government maxed out its national credit card in March and has been moving money around ever since to avoid running out of cash.
Very soon the Treasury Department will reach the limits of this financial sleight of hand, and Congress will have to either raise the debt ceiling — currently US$22 trillion — or suffer the consequences.
Economist Steve Pressman explains why we have a ceiling and why it's time to abolish it.
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