NEW YORK ( TheStreet) -- The debt ceiling in the United States stands at $16.7 trillion and Treasury Secretary Jack Lew has told the world that the government will run out money to pay its bills on Oct. 17.This debt ceiling fiasco began during World War I when Congress decided to put a limit on expenses in 1917. This concern was unfounded and since 1960 Congress raised this limit 78 times without a single default on U.S. debt and without missing a Social Security payment or suspending Medicare. In my opinion this makes the debt ceiling a formality, one that should be abolished.
The United States Does Not Need a Debt Ceiling
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