Debt ceiling should be abolished
A battle is raging in Washington, D.C. over raising the debt ceiling, which the U.S. hit May 16.
One side says that reaching the ceiling is a failure in leadership and demands massive spending cuts with no tax increases to help balance the budget. The other side says that refusing to raise the ceiling would be catastrophic, as it would cause the nation to default on its debts.
While there is room for debate over the proper course of action, both sides have already committed to raising the debt ceiling past the current level of $14.2 trillion. In essence, the debt ceiling is no real barrier to increased government debt, and only currently serves as another point of contention amongst political parties. As such, it should be reconsidered.
A Congressional Research Service (CRS) report from June 1 titled "The Debt Limit: History and Recent Increases" gives two validations for the existence of a debt ceiling. It asserts that the limit provides Congress with the power to execute its constitutional responsibilities of spending control. Yet, because all spending bills must originate in the House of Representatives, that reasoning is redundant.
The CRS' second assertion is that the limit imposes fiscal responsibility on the president and Congress. It quotes Marshall Robinson as saying the debt limit "expresses a national devotion to the idea of thrift and to economical management of the fiscal affairs of the government." Robinson says this in his work "The National Debt Ceiling: An Experiment in Fiscal Policy."
That experiment is proving to be a failure. According to the CRS report, Congress has raised the debt ceiling 10 times since 2001, when former-President George W. Bush took office. Over that time, the ceiling has more than doubled, increasing from $5.9 trillion in 2001 to $14.3 trillion in 2010. The idea that the debt ceiling is holding Congress and the president responsible for debt is laughable at best.
What the CRS report does say is that the limit can hurt the Treasury when managing the national debt. It says it has, at times, caused the Treasury "great inconvenience and has added uncertainty to Treasury operations."
The debt ceiling's dark side is that it complicates government operations and is now being used as a political weapon. It serves no constructive governmental purpose and should be eliminated.
Get Top Stories Delivered Weekly
From Around the Web
More usforacle News Articles
Recent usforacle News Articles
Discuss This Article
MOST POPULAR USFORACLE NEWS
GET TOP STORIES DELIVERED WEEKLY
FOLLOW OUR NEWSPAPER
LATEST USFORACLE NEWS
FROM AROUND THE WEB
- 4 Tips to Start Your Day a Little Earlier
- Join the Force to Fight Lung Cancer in Women
- If You Want to Help Avoid Back Problems, Stop Slouching
- Common-Sense Strategies From a Natural Marketing Guru
- 10 Steps to Help Older Adults Prevent Slips, Trips and Falls
- Stay Cool for Next to Nothing: Power Down the AC on...
- Family-Friendly Programming Storms The Weather Channel
- Carrageenan: Sustainability From Farm to Table
- Every Room Tells a Story if You Set the Stage
- Guiding Treatment of Advanced Breast Cancer Using Subtypes
COLLEGE PRESS RELEASES
- WHEN GEORGIA SMILED: THE ROBIN MCGRAW REVELATION FOUNDATION TEAMS WITH PIVOT AND STUDENTS OF THE WORLD TO LAUNCH THE #iASPIRE GRANT CONTEST
- Latino Groups Launch National Campaign to Deliver Record Latino Turnout for 2014 Midterm Elections
- The Power of Peer Support: Sheryl Sandberg's "Lean In" Hits Campuses
- Cengage Learning and Flashnotes.com Form Strategic Partnership
- PAOLO NUTINI CELEBRATES U.S. RELEASE OF “CAUSTIC LOVE”