Opinion On “Liberal Debt Deal Revolt”
A debt management advice ceiling is nothing more than a reminder of how bad the debt is getting. Congress spends like a drunken sailor so it needs to stop and remind itself how far the ship has sunk. Currently the entire ship is going under water as we have hit 100% of GDP. If you spend the money, you either need to raise revenue or write more debt. If you write more debt, you have to service the debt or the entire government will collapse, you can’t stop selling bonds (debt ceiling) unless you raise revenues to cover the debt. It is either or, you have to pay the piper. But when Congress stands up and declares it refuses to raise revenue and refuses to write more debt; that’s fiscal insanity, they have to break out of that before the entire government collapses… you can not starve the debt, you either service the debt or you die.