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Businessweek: How Congress Wrecked a Smart Debt-Ceiling Fix.

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.

01/18/13 • 10:28 AM • HistoryPolitics • No Comments

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