Right on the money:
The U.S. government soon will hit its self-imposed debt ceiling, which is already at a robust $14.3 trillion. A growing number of people in Congress believe raising the amount that government can borrow will do nothing but enable Washington’s irresponsible behavior.
That may be true, but they have little choice.
Many economists fear that if Congress fails to raise the debt ceiling, the U.S. government might find itself in default and the world economy could be thrown into another crisis.
Austan Goolsbee, the White House’s chief economist, recently warned, “If we get to the point where we damage the full faith and credit of the United States, that would be the first default in history caused purely by insanity.”
The real insanity, of course, isn’t the arbitrary debt limit, which is merely a symptom of a serious ailment, but the spending itself.
The accelerating debt has gotten so bad that we have seen it go from $13 trillion to $14 trillion in just seven months’ time. The last session of Congress grew the debt more than any other in history â in fact, more than most in history combined.
The clear message of voters in November was that something must be done about spending and the growing debt.