This is arguably the stupidest thing that was ever invented. Why does it even exist? As far as I know, no other country has anything like it.
It has nothing to do with limiting FUTURE spending (which would not be a bad idea, and should be considered) - it's about paying for the debt caused by money that has already been spent.
I use my credit card every day to buy things, and at the end of the month, I get a bill from the credit card company. If I decide I just won't pay that bill, there will be economic consequences for me (as there should be ). This is exactly what Congress is doing by refusing to increase or suspend the debt limit - refusing to pay bills that have come due, and playing a game of economic chicken by daring the Dems to do something about it.
Again, the debt ceiling is not about preventing an increase in debt, it's about paying for debt that has already been incurred.
And in true political theater mode, the GOP is now trying to blame the Dems for not paying the debt that they incurred while they were in charge. How does that make any sense? The last guy increased the national debt by about $7 Trillion; there were bipartisan votes in each year of his presidency to raise the debt limit. Now, his party - just to score political points among the uneducated - is saying that the Dems are the ones who are to blame and have to figure out how to solve it on their own. One of MY Senators, Rafael Cruz, has vowed to filibuster any attempt by the Dems to raise the limit. Why? What good can come from this action?
DO NOT BELIEVE THE GOP TALKING POINTS ON THIS - the debt bloomed on THEIR watch, and Biden had very little to do with it. Historically, the debt goes up when the GOP is in control and goes down when the Dems are in control.
http://www.politifact.com/factchecks/2019/jul/29/tweets/republican-presidents-democrats-contribute-deficit/
Finally, Article 4 of the 14th Amendment says: "The validity of the public debt of the United States, authorized by law, including debts incurred for payments of pensions and bounties for services in suppressing insurrections or rebellion, shall not be questioned."
So how is the concept of a debt ceiling Constitutional? |
