Is the debt ceiling obsolete?

[moondust]

I don't know anything about this blogger but he seems to think so and offers an explanation.

The Debt Limit is Obsolete

~snip~

At the time when it was first created, having a debt ceiling made sense. It put a check on the executive branch to keep it from spending and borrowing without regard to congress. It also protected our Gold Reserves from being over leveraged. Gold Reserves were extremely important because we were (for the most part) on a gold standard so that the dollar could maintain value at home and overseas. These two reasons for maintaining a debt limit no longer applies.

The Congressional Budget and Impoundment Control Act of 1974 created a new check on executive power. It laid out a formal budgeting process that must be passed by congress every year.

~snip~

In 1971, the United States went off the Gold Standard and never looked back.

~more~

[Poll_Blind]

1. The purse string belong to.................Congress.

PB

[FreakinDJ]

2. If Congress won't pay them,..... then the executive must

First, it does not simply say that the national debt must be paid; it says that its "validity ... shall not be questioned." Only one other section of the Constitution--the Thirteenth Amendment's proclamation that "either slavery nor involuntary servitude ... shall exist within the United States, or any place subject to their jurisdiction"--is as unqualified and sweeping.

Second, it suggests a broad definition of the national debt: "...including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion."

From this language, it's not hard to argue that the Constitution places both payments on the debt and payments owed to groups like Social Security recipients--pensioners, that is--above the vagaries of Congressional politics. ... If Congress won't pay them, then the executive must.

http://www.theatlanticwire.com/politics/2011/06/debt-ceiling-unconstitutional/39408/

[moondust]

3. Correct. They do control the purse strings

when they debate and pass a budget and spending bills.

If you believe the OP, the debt ceiling had a purpose up until the time Congress got full control of the process with the Congressional Budget and Impoundment Control Act of 1974. And now that Congress retains full control anyway the ceiling is superfluous (other than providing hoodlums an opportunity to prove they're hoodlums).