Remind Me Again Why We Have a Debt Ceiling?


About a million political analysts have reminded us lately that it’s crazy for the United States to even have a debt ceiling. No other country does, after all. And it doesn’t make any sense: Congress incurs the debt when it passes a budget. Why bother with an entirely separate restriction on the level of debt? It’s just goofy.

So here’s my question: Since this is almost universally acknowledged, why do we have a debt ceiling law? Why wasn’t it repealed long ago by a majority party tired of the opposition using it to score political points? My seat-of-the-pants guess is that repeal could be passed as part of the budget reconciliation process, which means you wouldn’t even have to worry about a filibuster. You just need to control Congress and the presidency, and both parties have done that on a number of occasions over the past few decades.

So what keeps it around?

One More Thing

And it's a big one. Mother Jones is launching a new Corruption Project to do deep, time-intensive reporting on the corruption that is both the cause and result of the crisis in our democracy.

The more we thought about how Mother Jones can have the most impact right now, the more we realized that so many stories come down to corruption: People with wealth and power putting their interests first—and often getting away with it.

Our goal is to understand how we got here and how we might get out. We're aiming to create a reporting position dedicated to uncovering corruption, build a team, and let them investigate for a year—publishing our stories in a concerted window: a special issue of our magazine, video and podcast series, and a dedicated online portal so they don't get lost in the daily deluge of headlines and breaking news.

We want to go all in, and we've got seed funding to get started—but we're looking to raise $500,000 in donations this spring so we can go even bigger. You can read about why we think this project is what the moment demands and what we hope to accomplish—and if you like how it sounds, please help us go big with a tax-deductible donation today.

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