The debt ceiling law as it stands today places a fixed-dollar limit on the level of federal debt. It originated a century ago as a reasonable limit on borrowing for specific (micro) programs, but gradually morphed into an absurd limit on the entire (macro) budget. For decades it has been a self-imposed financial weapon of mass destruction, and its only effect so far has been to enable political opponents of the party holding the White House to grandstand for the cameras. As is typical for Buffett, his remedy is simple and elegant: we should gauge our “ability to handle” the debt by considering it in relation to the size of the economy; i.e., by paying attention to the debt-to-GDP ratio instead of the current fixed-dollar limit.