Are you ready for another Debt Limit Lalapalooza?
Treasury Secretary Jack Kew has informed Congress that the debt limit must be raised by March 16 or the government will run out of money, or something.
We play these games every couple of years. Congress appropriates the money to run the government then, when it's time to raise the debt limit to cover their profligacy, they all of a sudden become debt wariors and rail against all that money being spent that they voted for.
In a Friday morning letter to House Speaker John Boehner and other House and Senate leaders, Lew said that his office will be forced to suspend the issuance of State and Local Government Series securities on Mar. 13 unless the debt limit is raised.
The U.S.'s top finance official said the U.S. will hit its debt limit on Mar. 16, but would begin taking "extraordinary measures" to finance the government on a temporary basis, according to the U.S. Treasury.
"Accordingly, I respectfully ask Congress to raise the debt limit as soon as possible," Lew wrote in his letter.
Read More Debt ceiling: CNBC explains
The Treasury secretary emphasized that "increasing the debt limit does not authorize new spending commitments," but rather "simply allows the government to pay for expenditures Congress has already approved."
Congress passed the Temporary Debt Limit Extension Act in February 2014, which suspended the statutory debt limit through Mar. 15 of this year.
The U.S. legislature is expected to face another contentious debate over aising the U.S. legal borrowing authority. If it stretches to the final deadline, the timing would coincide with the debate over government agency funding for the new fiscal year, which starts Oct. 1.
The Congressional Budget Office said this week that if Congress does not raise the federal debt limit, the Treasury Department will exhaust all of its borrowing capacity and run out of cash in October or November, slightly later than a previous forecast.
The time to fight for deficit reduction is when you're voting for $450 billion deficits, not when you're voting to cover your overspending. This is the most senseless debate in Washington. It doesn't address the problem of overspending. It's only a means for political grandstanding.
For once, can we forgoe the pretension that anything is accomplished by voting against money you've already voted for? Let's cut out the Mickey Mouse and get down to the business of actually reducing spending and the deficit - just like grown up, responsible, prudent lawmakers should - so that we don't have to raise the damn debt ceiling every year