Let’s Just Remember

Not really relevant to the immediate situation. But for future reference let’s remember that the entire concept of a debt limit ceiling is ridiculous. If the Congress votes to spend more than it will take in in tax revenues, that is a vote to borrow money. Period. For Congress to vote once to borrow the money and then have to vote again to borrow the same money is silly.

That’s not to say this has any constitutional relevance; Congress has broad latitude to do stupid things. But this was always a silly way of doing business — which is the reason why no other major country has a similar procedure — a time bomb waiting for one of the two parties to decide to play Russian Roulette with the nation.

Masthead Masthead
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