We all know the “debt ceiling” is the atavistic remnant of a 1917 gold-standard-era law that was ignored until Newt Gingrich dug it up in 1995 to start the now-perennial stunt cycle; that it exists in no other country besides Denmark, where it is set astronomically high precisely to avoid making it a political weapon; that it is used hypocritically by Republicans as a political weapon against Democratic presidents, to cut social spending and attack “entitlements” (Social Security and Medicare); that it enables a ludicrous, blatantly unconstitutional “do-over” by which right-wing legislators, who were unable to get the social program cuts they want through normal Congressional votes, try to force the Executive to stop spending that the Congress has already authorized, etc. More

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