Debt limit standoff: Time to end the periodic madness and lift the cap

In as little as six weeks, the U.S. economy may suffer substantial and lasting harm. That’s when the United States could default on its debt, the product of the failure of Congress to raise the limit on how much money the nation can borrow to pay its bills. The debt limit itself is something of an oddity. It has nothing to do with spending or tax policy. It’s really just about paying the bills — the equivalent of a consumer maxing out the credit card but then deciding whether or not to make a payment to creditors.