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Don’t Just Raise the Debt Ceiling, Eliminate It

If Republicans refuse to budge, Democrats will have to go ahead by themselves. Last week, the Senate parliamentarian confirmed that the ceiling could be raised using the so-called reconciliation process. Time is short, and if this is to work, the Democrats will need move quickly. To be sure, going it alone will require that they pay a price; it may be, though, the lowest-cost way out of the squeeze they are in. To make the most of that outlay, they should abolish the ceiling rather than just resetting it at a level that will cause this nightmare to recur a couple years from now. If the arcane rules of the Senate or other considerations prevent them from abolishing it outright, they should raise it to a stratospheric height, taking it out of consideration for a long time to come. 

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