Repeal The Debt Ceiling

++The Wall Street Journal and other major financial papers have now editorialized that John Boehner should get rid of the debt ceiling altogether. They cite that the debt ceiling doesn't limit debt and that the repeated threats on raising it jeopardize the United States' economy and results in downgrading of its bonds.


++Instead,people like the Chamber of Commerce urged going back to the Gephardt rule--remember him--where once a new budget bill is passed it is automatically considered that the debt ceiling is raised. The Gephardt rule actually existed from 1978 until 1992. 

++The general thrust of the economic arguments are that Boehner can do this, since now he owes his party nothing and can serve the institution itself. It is argued ,like past actions, he can get the Democrats and his supporters to do this.

++In other news, the mayhem in the House has raised this as a crucial issue because no one has the slightest idea of who will become the Speaker. As of today,Paul Ryan is spending a Packers' weekend debating accepting and John Boehner may actually remain until a new leader is elected sometime in the future.