John B. Taylor: “Is there not also an economic catastrophe that could and would await us if we were to raise the debt limit reflexibly?”

Give America a raise, and give more people jobs.

I certainly don't want to--want my grandkids to see the crisis scenario, in which the interest rate on the debt will skyrocket abruptly because investors will no longer have confidence in our government's ability to pay its bills.

The Financial Institution Bankruptcy Act would work better, in my view, as a resolution device than Title II of Dodd-Frank.

It would help prevent bailouts. It would diminish excessive risk-taking.