Why do we have a debt ceiling? Everyone knows we are trillions of dollars in debt. What is the purpose? Where did it come from and why?
It began in 1917 to take on debt without getting congressional approval as long it fell under a debt ceiling. Who are we in debt to? For the most part, we are in debt to ourselves for about 80% of the debt.
Ironically the debt ceiling is a waste of time. Because the debt is already agreed to and approved by congress. Some were Republicans and some were Democrats. The debt is the debt. It cannot be undone. So, why not remove the debt limit entirely? They have always raised it, and it has become nothing more that a political tool for both parties. It is a stick to threaten the other party with. It's a artificial cap. They cannot and will not allow it to not be raised. That would result in a default on our debt and that has never happened in history.
The thing to do is be responsible and not allow more dept to be added to the deficit. But congress cannot deny themselves adding pork to every bill they create. So they use the debt limit to expose their opposing party as spendthrifts who want to ruin the government.
The fact is, we do not need a debt ceiling, the ceiling has already been reached. We only need responsible legislators who want to solve issues rather than exploit them.
That goes for all parties.
Jack Wilson
Opinion
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