Australia just scrapped its debt ceiling. America should, too.

Mature countries just walk away from a fight

U.S. Treasury
(Image credit: (Chip Somodevilla/Getty Images))

Debt ceiling fights, it seems, have become a permanent fixture in American politics. Twice in the last couple of years, the United States has been days away from potentially irrevocable economic damage because Congress refused to raise the debt ceiling and let the Treasury issue more debt. The next debt ceiling fight is slated for March 2014.

But isn't there a better way to increase a borrowing limit — and one that doesn't freak out markets, investors, and, well, just about everyone every few months?

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John Aziz is the economics and business correspondent at TheWeek.com. He is also an associate editor at Pieria.co.uk. Previously his work has appeared on Business Insider, Zero Hedge, and Noahpinion.