ahem...Let's Not Complain About The Size Of The Rout

[Uncle Joe]

36. The United States will still be responsible for its' debt but the debt ceiling has become nothing

but a political football, it's a game.

The United States and Denmark are the only two Constitutional Nations that have a debt ceiling and other nations seem to be getting along just fine without one.

http://en.wikipedia.org/wiki/Debt_ceiling

The United States and Denmark are the only constitutional countries to have legislative restrictions on the incurring of public debt. The Danish debt ceiling is, however, mainly a formality and follows the budgeting and expenditure process and provides ample latitude for unforeseen deficits. It has never created the periodic crises as has the American.[2]

(snip)

A vote to increase the debt ceiling is usually seen as a formality[by whom?], needed to continue spending that has already been approved previously by Congress and the President. Earlier reports to Congress from experts have repeatedly said that the debt limit is an ineffective means to restrain the growth of debt.[6] James Surowiecki argues that the debt ceiling originally served a useful purpose. When introduced, the President had stronger authority to borrow and spend as he pleased; however, after 1974, Congress began passing comprehensive budget resolutions that specify exactly how much money the government can spend.[7] The apparent redundancy of the debt ceiling has led to suggestions that it should be abolished altogether.[25][26]

A January 2013 poll of a panel of highly regarded economists found that 84% agreed or strongly agreed that, since Congress already approves spending and taxation, "a separate debt ceiling that has to be increased periodically creates unneeded uncertainty and can potentially lead to worse fiscal outcomes." Only one member of the panel, Luigi Zingales, disagreed with the statement.[27]

The Obama Administration should challenge the debt ceiling as being in violation of the 14th Amendment especially as Republicans have threatened not to raise it, potentially causing the United States to default on its' debt and obligations.

http://en.wikipedia.org/wiki/14th_Amendment_to_the_United_States_Constitution

Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.