The United States has a #DebtCeiling because in 1917, Congress would have had to gather slowly by train and horse-and-buggy to approve new debt to pay for World War I. An economist points out that other countries do fine without this archaic law:
“The best solution would be to scrap the debt ceiling altogether. Congress already approved the spending and the tax laws that require more debt. Why should it also have to approve the additional borrowing?”
