Remind Me Again Why We Have a Debt Ceiling?

Facts matter: Sign up for the free Mother Jones Daily newsletter. Support our nonprofit reporting. Subscribe to our print magazine.


About a million political analysts have reminded us lately that it’s crazy for the United States to even have a debt ceiling. No other country does, after all. And it doesn’t make any sense: Congress incurs the debt when it passes a budget. Why bother with an entirely separate restriction on the level of debt? It’s just goofy.

So here’s my question: Since this is almost universally acknowledged, why do we have a debt ceiling law? Why wasn’t it repealed long ago by a majority party tired of the opposition using it to score political points? My seat-of-the-pants guess is that repeal could be passed as part of the budget reconciliation process, which means you wouldn’t even have to worry about a filibuster. You just need to control Congress and the presidency, and both parties have done that on a number of occasions over the past few decades.

So what keeps it around?

THE END...

of our annual funding cycle is fast approaching, on June 30, and we have a considerable $230,000-plus gap in our online fundraising budget.

If you value the nonprofit journalism you get from Mother Jones, and you can, right now is an important time to help us keep charging hard with a much-needed and much-appreciated donation.

payment methods

THE END...

of our annual funding cycle is fast approaching, on June 30, and we have a considerable $230,000-plus gap in our online fundraising budget.

If you value the nonprofit journalism you get from Mother Jones, and you can, right now is an important time to help us keep charging hard with a much-needed and much-appreciated donation.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate