Dynamics between the government budget and the debt ceiling

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Several organizations and individuals – usually advocates of a balanced budget – maintain National Debt Clock. Is national debt a worry for the economy? Economists do not agree on the answer to this question. The American Prospect offers a brief article, "Debt Ceiling 101" in response to the 2011 political stalemate about raising the debt ceiling.

How did the 1974 Congressional Budget Act change the dynamics between the government budget and the debt ceiling? Most countries don't require elected officials to determine how much government can borrow apart from setting the budget. Do you think the U.S. should get rid of the debt ceiling? Why or why not?

Reference no: EM13830403

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