Lunchtime Must-Read: Does Anyone Else Realize The Federal Debt Ceiling Was ELIMINATED?

Stan Collender: Does Anyone Else Realize The Federal Debt Ceiling Was ELIMINATED?: “Most reports said the GOP folded its debt ceiling tent and went home.

Three years after Senate Minority Leader Mitch McConnell (R-KY) began to insist that Congress would never allow the  government’s borrowing limit to be raised again unless Republicans got something something in return, and long after House Speaker John Boehner (R-OH) said there would be no debt ceiling increase unless he got a dollar in spending cuts for every dollar of increased borrowing authority, congressional Republicans allowed the government to borrow more…. But… far more significant: the federal debt ceiling wasn’t just raised, it was eliminated until March 2015… the federal government has no statutory limit whatsoever on the amount it may borrow over the next 13 months…. Congressional Republicans and Democrats alike should now be able to realize that the debt ceiling… no longer serves any practical purpose…. something that both parties join together to offer in the lame duck session of Congress that is virtually inevitable this year.