The debt ceiling is madness

It's long past time to end it

U.S. Capitol.
(Image credit: Getty Images)

Here we go again. If Congress — which is leaving town for its August recess — doesn't pass an increase in the debt ceiling by the end of September, the United States government will begin defaulting on its obligations, which could well cause a global financial meltdown. As if we didn't have enough problems already.

As this moment of crisis approaches, we should solve this problem once and for all. Not simply by raising the ceiling — which of course we have to do — but by getting rid of it altogether. The debt ceiling is nothing but trouble, and we should drive a stake through its heart.

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Paul Waldman

Paul Waldman is a senior writer with The American Prospect magazine and a blogger for The Washington Post. His writing has appeared in dozens of newspapers, magazines, and web sites, and he is the author or co-author of four books on media and politics.