Time to abolish the debt ceiling?

Scrapping the anachronistic debt ceiling "is very, very good policy," says Dylan Matthews at The Washington Post. Denmark is the only other country with anything like our artificial borrowing limit, and not only do other developed nations seem to get along fine without it, but so did the U.S. between 1979 and 1995, when the "Gephardt rule" automatically upped the debt limit every time Congress increased our national debt. And obviously, eliminating the debt ceiling altogether would vastly reduce the number of needless partisan standoffs in D.C.

Originally posted by Victory_Trader

I read somewhere that President Obama doesn't even need Congressional authority to raise the debt ceiling, which beckons the question........ why all of this nonsense?!