Republican Debt Limit Tactics

With the debt limit due to kick in by the middle of February, there is not much time for Republicans to do what they should have done years ago.  The danger of reaching the borrowing limit is not default on the existing debt.  At present, average monthly revenues cover around 70% of outlays.  In dollar terms, the monthly shortfall is around $100B.  All that is needed is to spend less.  The problem is that the debt ceiling is decoupled from budgets and appropriations.  This can and should be fixed.  From now on, annual increases in borrowing authority should be part of the annual budget and appropriations process.  It is irresponsible to authorize spending without specifying some way to pay for it.  This idea has been gaining support lately among Republicans, as reported by Rick Moran in his blog in American Thinker on Jan 8, 2013. Rick's blog in turn refers to an article by Byron York in the Washington Examiner on January 7. Failure to...(Read Full Article)