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What purpose does the debt ceiling actually serve?
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It seems to be that the President is required, by law, to enact any and all budgets passed by the Congress, but then Congress has the ability to deny the President the ability to borrow enough money to pay for the budget Congress enacted in the first place. I guess in an abstract sense the ceiling serves a purpose (it encourages balanced budgets, maybe?) but it serves no economic purpose and really just seems like a waste of time. What are your thoughts on its purpose and whether or not it should stick around?
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