Thankfully it doesn’t have a snowball’s chance in hell of passing.

(The Hill) — Three congressional Democrats are introducing a bill Wednesday that would abolish the federal debt ceiling. The lawmakers say that the recent debate to raise the ceiling and avoid default had a “disastrous” effect on the U.S economy, and that the legislation would keep parties from using a potential default as a hostage in future budget debates.

“The debt ceiling is truly arbitrary and has nothing to do with the deficit,” Rep. Jerrold Nadler (D-N.Y.) said in a statement last Wednesday. “The debt ceiling does not prevent the United States from incurring new debts. That occurs when Congress decides to authorize more spending than revenues. The debt ceiling prevents the president from borrowing money to pay those debts when they come due.”

Virginia Democrat Jim Moran and Georgia Democrat Hank Johnson will join Nadler in introducing the legislation. But the bill is unlikely to gain traction, especially in the Republican-controlled House. Members of the GOP were encouraged that they were able to use the debt ceiling as leverage to attain deep budget cuts during negotiations with President Obama and the Senate.