A Constitutional Credit Limit

As the clock ticks away on the national debt limit, some folks on the left are suggesting that we take advice from Buzz Lightyear and raise the debt limit "to infinity and beyond." They may have a point. If every time the government reaches the maximum on its national credit card, and Congress simply raises it, what good is a debt limit? In the real world of household finance, American consumers have to ask the credit card company for permission to raise their debt limit. Sometimes the answer comes back a resounding "No!" So when this happens, the consumer has to alter his or her spending habits and work within the reality of available funds. Unfortunately, this is not how Congress operates. History has shown that whenever the federal debt limit is reached, Congress just votes a higher limit without doing anything about its spending habits. The current debate over the debt limit will result in the same outcome. There is a solution to this perpetual spending and borrowing...(Read Full Post)