Hacker News new | ask | show | jobs
by radford-neal 1141 days ago
So why have a debt ceiling at all? A ceiling makes no sense if whenever it is about to be reached, unconditionally increasing it is regarded as imperative, with any attempt to link an increase in the debt ceiling to measures that would limit future debt being denounced as "holding the credit of the US hostage". The only point of a debt ceiling would be encourage such a linkage.
2 comments
nrki 1141 days ago
The US is one of very few (<2, inclusive) countries that has this "debt ceiling" malarkey. It's a political tool in the US, that's ita only purpose.

https://en.wikipedia.org/wiki/Debt_limit

link
kasey_junk 1140 days ago
Correct. It’s a flawed and hypocritical political tool, one used exclusively by one party when they don’t want to actually do the hard work of governance.

The American people would be much better off if there were no debt ceiling.

link