Should US get rid of debt ceiling altogether? Lawmakers consider it as crisis looms

Its weaponization threatens US economic standing, so some are considering doing away with the anachronistic' rule

In just a few weeks, the US may be unable to pay its bills.

A divided Congress has still not reached an agreement on raising the debt ceiling, and time is running out to avoid a default. The treasury secretary, Janet Yellen, has warned that the government may be unable to cover its financial obligations as early as 1 June. And economists predict that a federal default would cause unemployment and interest rates to rise as the country's GDP shrinks, wreaking havoc on Americans' finances.