This may seem like a “silly question”: What is the federal “debt limit” for?
The obvious answer is to “limit” the federal debt. But, unfortunately, things in Washington don’t work that way.
Every time excessive federal spending gets near the “debt limit” — even with high taxes — Congress just votes to raise the “debt limit.”
It did it again just a few days ago.
So the “debt limit” doesn’t really “limit” debt, does it?
The “old” supposed “debt limit” was $12.1 trillion. But with excessive federal spending running close to the so-called “debt limit,” Congress voted to raise the non-limiting “debt limit” — to $12.4 trillion.
How long do you think that $12.4 trillion “limit” will last before Congress votes to raise it again?
By the way, some of your tax money is used to pay interest on that rising debt. Last year the interest payments alone cost “about” $240 billion!