Here’s one way to avoid this mess again: Moody’s, the credit-rating agency, urges the U.S., in a new statement, to eliminate the debt ceiling entirely. Arguing that it creates “periodic uncertainty” among bond investors, Moody’s says the idea of a cap on government spending has not curbed federal outlays anyway. Last week the agency threatened to reduce the AAA credit rating of the U.S. if it ends up defaulting on debts on Aug. 2.
