The recently passed One Big Beautiful Bill Act increased the debt limit to $41.2 trillion, or 136 percent of GDP.

Some believe that Congress will have to raise the debt limit again before the 2026 election. But here is a bold idea for Republicans to show that they remain the party of limited government: Vote to decrease the debt limit, and do it soon.

If President Trump has taught us anything, it’s that we should get out of our status quo ruts and explore the broader horizon of policy possibilities. It is time to reevaluate how we officially measure the debt. The U.S. dollar, important as it is, is simply not a great measure for evaluating fiscal policy. This is why the Congressional Budget Office and the White House Office of Management and Budget already present data in both current dollars and as a percentage of GDP.

We have had a top-line debt ceiling in U.S. dollars since 1939, but we would be much better served setting the debt limit as a percentage of GDP.

First some background, the Constitution gives Congress the “power of the purse,” meaning Congress is ultimately tasked with both tax collection and spending policy. Congress determines how much we can spend and borrow, and Congress periodically adjusts how it handles the debt limit.

Prior to World War I, the debt limit was effectively set by Congress authorizing bonds to borrow and pay for specific projects — for example, 1840’s........

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