IMF says the US needs a ‘durable solution’ to the debt ceiling

The IMF also says the US needs a medium term plan to deal with fiscal issues.

The debt ceiling, in concept, has been virtually a total failure. It’s failed to halt US spending for 80 years and the lack of debt ceilings elsewhere speaks to its effectiveness. The chance of its elimination or a ‘durable solution’? Maybe 5%. In the US, voting to eliminate the debt ceiling would be political suicide.