Despite the political grandstanding of the past two weeks, congressional leaders have once again overlooked the ticking time bomb of the debt ceiling. As Treasury Secretary Steven Mnuchin warned this month, unless Congress raises the debt ceiling before the August recess, the United States will default on its debts at the beginning of September, prior to the start of the new session.

It’s an old story, and one that fiscal conservatives are tired of hearing. Last week’s long-term budget report by the Treasury Department serves as a grim reminder that unless Congress reins in its runaway entitlement spending, the U.S. is on course for fiscal disaster. Fortunately, a pair of fiscally minded Republicans have put forth a plan to resurrect what was once a cornerstone of the GOP’s platform and end these pointless debt ceiling debates for good.