How Congress created the debt ceiling problem

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tags: deficits, debt ceiling, PoliticalWire, Josh Green, Taegan Goddard

Josh Green points out that in 1979, Dick Gephardt, "who would later become House Democratic leader and twice run for president, devised a simple fix that met the absurd requirement of a two-step process. With help from the House parliamentarian, he established the Gephardt Rule, which decreed that when Congress adopted a budget resolution (the first step) it was automatically 'deemed to have passed' a commensurate increase in the debt limit (the second step). Presto. Problem solved."...

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