Raising the debt limit has become more of a partisan battleground, resulting in perennial crises that threaten to undermine global faith in American markets and push the U.S. economy to the edge of recession.
After raising the debt limit before default deadline, earlier this month, Congress still needs to tackle the issue again in December. And another partisan quarrel is expected.
There are some methods to avoid recurrent row, for example, Senator McConnell floated the idea of ensuring the President responsibility to lift borrowing cap upon congressional review.
Last month, Secretary Yellen said she supports a bill erasing the ceiling or granting the Treasury secretary power to reset it from time to time.
Sen. Joe Manchin said Democrats should use arcane budget rules to raise the debt ceiling if they cannot get a deal with Republicans.
Manchin, told the Economic Club of Washington event that the debt ceiling could be raised through the Fourteenth Amendment, which says the public debt “shall not be questioned”.