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Don’t Just Raise the Debt Ceiling, Eliminate It

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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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