The Debt Limit Is Back. Why That’s a Good Thing!

Romina Boccia

October 05, 2015

Debt limit panic is about to hit Congress. Treasury Secretary Jack Lew announced last week that the U.S. government may not have enough cash on hand by Nov. 5, 2015, to meet all of its payment obligations.

(If Lew and his Crew weren’t so wasteful and tighten the different agencies, their panties wouldn’t always be in such a wad.)

Congress could avoid repeated debt limit panics by acting prudently and with enough foresight to address the federal government’s spending and debt problems before the debt limit seemingly forces lawmakers to adopt bad policy. That hasn’t happened yet.

(When Obama goes through that chow line, he always order more than he can eat.)

The federal government has been operating under a debt limit of $18.1 trillion since March 16, 2015, when legislation, passed more than a year earlier, specified that the debt limit would be reinstated. Before then, Congress and the administration were unconstrained by any debt limit, because both parties had agreed to suspend it. Let’s just say they issued themselves a waiver.

(Yes, that is true, but they found out the big spenders in Obama’s world did not know how to spend and had to put him on a diet.)

Once the debt limit returned, the Treasury began borrowing from certain accounts that are not subject to the debt limit in order to continue deficit-spending. Now that those “extraordinary measures” are about to be depleted, Congress’ debt limit avoidance strategy too is coming to an end.

(Then Obama did what he always did growing up, he is now stealing from unauthorized areas, stealing from Peter to pay Paul.

Most in Congress hate the debt limit. The debt limit forces Congress to deal with the fact that spending is out of control and the federal government keeps piling debt onto younger generations. The public does not like debt limit increases, either, putting lawmakers in a tough spot.

(Strange that they cannot recognize that the piggy bank is empty, the loans from other countries have been cut  off, and the money printing press has run out of ink and paper.)

Confronting lawmakers with the result of irresponsible spending decisions is one main benefit of the debt limit. Lawmakers don’t spend enough time acknowledging Washington’s spending addiction, and the debt limit reminds them.

(The reminder is there that they have reached their limit but because of their addiction to spending and they won’t take their medicine is no different from a drug addict – they fall off the wagon and back to their old habits.)

The right solution would be for Congress to eliminate waste wherever possible and make commonsense reforms that modernize outdated entitlement programs. That’s hard but important work.

(Until the people get rid of the lobbyists and elect some new persons who are not lawyers or politicians – nothing is going to change.)

Congress should both modernize Medicare, Medicaid, and Social Security and empower people to exercise more choice in spending their health care and retirement dollars.

(Yes, they thought they were modernizing when they brought in Obamacare against the will of the people; but, we are going backward not forward.)

Congress’ budget resolution included some important reforms in this direction. However, without additional legislation to implement the reforms in the congressional blueprint, spending will continue to grow out of control. Lawmakers should address the key drivers of spending growth and put the budget on a path to balance—before raising the debt limit.

(The debt limit should not be raised – these people need to live within our means.  The taxes received by this group has increased into the trillions of dollars; but, that is still not enough for these spendthrifts.  Enough will never be enough!  We need to elect business people  to run this government not these politician/lawyers who are liars and cheaters.  There is more money going out the back door than coming in the front door.)

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