"The debt-ceiling law that is once again threatening a US government default is both totally absurd and utterly typical. Washington’s budget process, unfortunately, aligns brilliantly with the country’s broken politics: Combined, they assure
institutionalized dishonesty and fiscal recklessness, plus the occasional thrill of possible economic collapse.

Designing a stupider system would be quite a challenge. But critics who confine their complaints to debt-ceiling brinkmanship are missing an important point. American fiscal policy is seriously off-track, and the costs of putting it right are getting
bigger all the time. A system that does what the debt limit purports to do — force a review of budget imbalances and measures to correct the problem — is indeed necessary, even if it’s counterproductive to wire such a mechanism to an economic
doomsday machine."

https://www.bloomberg.com/opinion/articles/2023-05-19/the-debt-ceiling-debate-is-a-farce-but-fiscal-policy-is-a-fiasco?

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