Raise the Ceiling Again?

Now that we're going to max out our national debt, Bush wants to raise the debt cap in order to protect the US's credit rating.

I'm conflicted about this. First of all, the government spends FAR too much money already and Bush has, in my mind, totally reneged on his promise for smaller government, instead taking token gestures and making some nice speeches.

Last week Federal Reserve Chairman Alan Greenspan urged Congress to eliminate the debt limit, which he called "redundant."

"The debt ceiling is not a useful fiscal tool and indeed has never, in my judgment, been successful in doing what it is supposed to have been doing; namely, constrain spending. I would think it would be wise to eliminate it," the Fed chairman said.

I totally agree. The debt limit would be a good tool if it was used properly, but Congress can extend it and has extended it every time the issue is brought up. There's no point in a tool to contain spending if it can be disregarded as it has.

On the other hand, if we reach the limit, the US's credit rating becomes threatened and that is a large potential problem. It also becomes difficult to fund our military and home defense activities. Those are of paramount concern.

So, I'm willing to not complain as much about raising the debt ceiling since the circumstances require it. However, the ideal way to handle this is to hack off the government programs dragging ass and keeping the budget grotesquely fat. Not likely, though.

Posted by Drizzten at February 20, 2003 10:28 AM