The Federal Debt ceiling, originally established in 1917, is no longer necessary. Congress and the President determine the Federal budget by other means, which are well-established.
The debt ceiling now serves no useful purpose; however, it periodically creates political crises which serve only to enable extreme and irresponsible factions of the legislature to hold the full faith and credit of the United States of America hostage in attempts to renegotiate decisions to which the Congress and the President have already agreed.
Congress should repeal this dangerous and unnecessary legislation, and the President should promote such a repeal as an essential part of any serious budget agreement.