Should Congress Abolish the Debt Ceiling?
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Should Congress Abolise the Debt Ceiling?
Mark Whitaker: The debt ceiling exists to make it easier for the federal government to issue debt. He says Congress could go back to something like what existed before 1917, where Congress needed to authorize each bond issue. Whitaker: Much of the federal budget is already on autopilot because Mandatory spending is not subject to annual appropriations bills. It's mostly major health care programs, social security, income security, and student loans.
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