In what has proved to be nothing more than a charade, Congress periodically imposes a “debt limit” on the federal government. It’s currently about $14.3 trillion.
It probably won’t stay there for long, however. President Barack Obama and Democrats as well as some Republicans in Congress hope to raise the alleged “limit” sometime prior to Aug. 2 — the date at which our nation could otherwise begin defaulting on some of its obligations.
Of course, the rational solution to excessive spending is sharply lower spending. But oh no! While some fairly lonely Republican voices in Congress are calling for that, it is more likely that there will be only lip service to real spending cuts — followed by a vote for a higher “limit.”
Do you want the “debt limit” to be raised?
Do you think even higher federal taxes are a solution to our record debt?
Do you favor even more federal spending of the sort that got us into this predicament?
Do you want more government borrowing and heavier, tax-funded interest payments on the debt?
Or do you want the debt limit really to limit debt, at long last?
We’ll see what Congress does between now and Aug. 2. But fiscal common sense and desperately needed, large cuts in wasteful spending do not seem to be in prospect.