The Debt Limit is Ridiculous. Get Rid of It for Good

Once again, we're threatened with the prospect of default and economic disaster because Republicans won't raise the debt limit so we can pay our bills.

It's time to get rid of this ridiculous and dangerous ritual once and for all. Congress can do it with a simple majority vote. Tell them to do it.

The debt limit has nothing to do with future spending. It authorizes payment for debts already incurred, and money already spent. Not raising the debt limit is like eating dinner at a restaurant and sneaking out before you pay the bill.

Not only would not raising the limit drive us into default, it would make it far more expensive to service our existing national debt (because no one wants to lend money to people who may or may not pay it back, unless they get a REALLY high interest rate).

If Congress wants to reduce the deficit, fine, there are ways to do that. But not paying for what you already owe is not one of them.

Add your name: Get rid of the debt limit for good.