My Modest Proposal to Solve the Debt Ceiling Fight

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National Journal reports:

Republicans appear to be willing to avoid a showdown over the debt limit and instead use the sequester as their main negotiating lever in upcoming fiscal fights with the White House and Senate Democrats.

House Budget Committee Chairman Paul Ryan, R-Wis., said Republicans at a closed-door retreat in Williamsburg were weighing a short-term increase in the country’s borrowing limit, giving all sides time to work on a broader fiscal plan in March that would include substantial spending cuts.

I’m not a conservative, so I can’t pretend to have their best interests at heart. But it sure seems to me that their best bet right now is to unpaint themselves from their corner and make sure they never go back. The last thing they should do is approve a short-term increase in the debt ceiling and then have this same, self-defeating argument all over again in March.

Here’s my suggestion: pass a law that gives the president the ability to raise the debt ceiling on his own, but put some limits on it. Every month the Treasury has to release a statement showing how much we’ve spent, how much tax revenue we took in, projected bond sales over the next month, and the amount the debt ceiling needs to be increased. The statement has to be signed by the president of the United States.

This gets Republicans off the hook from ever having to play a hostage game they can’t win, but it forces the president to put his name to a monthly statement showing just how rapidly he’s building up debt and turning America into the next Greece. It would be harmless campaign fodder for 2014 (good for Republicans), and would also prevent any further market-panicking showdowns (also good for Republicans). As a bonus, it would also be good for the country. What’s not to like?

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IT'S NOT THAT WE'RE SCREWED WITHOUT TRUMP:

"It's that we're screwed with or without him if we can't show the public that what we do matters for the long term," writes Mother Jones CEO Monika Bauerlein as she kicks off our drive to raise $350,000 in donations from readers by July 17.

This is a big one for us. So, as we ask you to consider supporting our team's journalism, we thought we'd slow down and check in about where Mother Jones is and where we're going after the chaotic last several years. This comparatively slow moment is also an urgent one for Mother Jones: You can read more in "Slow News Is Good News," and if you're able to, please support our team's hard-hitting journalism and help us reach our big $350,000 goal with a donation today.

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