Why even have a debt ceiling?

If it will catastrophic to not raise the debt ceiling, then why even have one? Why play the game of raising it every year or twice a year? Everyone knows it will be raised, and it's a waste of time and effort to pretend. I guess using voting against raising the debt ceiling can be used as leverage to get spending cuts, but I'm sure if enough fear is generated from the perceived consequences of not raising it, no one has to committ to spending cuts because they know enough votes will be cast.

Like much of the activity in DC, this is a game. I even wager the President will promote infrastructure spending (investment!) in his State of The Union address. The Young Turks better get busy -- this will be the fight of their lives.

Comments

[Debt Collection]

I think they don't do away with the debt ceiling, because they want us to believe that everything is going better than it is. They don't want everyone freaking out and going out of control. Just my thoughts anyway.

[M. Farmer]

We'll see.