Debt Ceiling Explained
According to economist Paul Krugman (who can do this far better than I), the ongoing “crisis” in Washington stems from a “weird and destructive institution of the debt ceiling; this lets Congress approve tax and spending bills that imply a large budget deficit — tax and spending bills the president is legally required to implement — and then lets Congress refuse to grant the president authority to borrow, preventing him from carrying out his legal duties and provoking a possibly catastrophic default.”
Great. But surely the debt ceiling process has engendered countless crisis over the years? Nope. The debt ceiling was raised under Ronald Reagan no less than 19 times , over 2 terms. Under the son Bush, it was 9 times. So what’s different now? Nothing, except the debt ceiling process has been hijacked by radical House Republicans who want to convince the country that this is a valid mechanism for reining in spending. It’s not. It’s a political lynching by people of ill-will who President Obama’s hide at any cost, including the economic welfare of this country. Be very afraid.