What To Do About the Debt Ceiling
By Daneil J.H. Greenwood
July 25, 2011
The debt ceiling is a strange concept. We have one set of statutes that commits the government to a set of spending and taxation rules. And then we have another statute (the debt-ceiling one) that bars the executive from borrowing more than an arbitrary amount set by the legislature, even if that means that it must violate the other statutes.
Until now, Congress has always resolved this potential conflict by raising the debt ceiling, so the ceiling has been meaningless. This time, however, the GOP refuses to raise the ceiling unless the Democrats agree to massive cuts in spending and further budget-busting tax cuts (at a minimum, extending the Bush/Obama tax cuts beyond their current expiration date).
Read the full article on dissentmagazine.org.