Yet again, the richest country in the world finds itself unable to abide by the most meager of fiscal constraints — the debt ceiling. More of a “debt retractable roof,” the debt ceiling is the limit of what the federal government is authorized by Congress to borrow in order to meet its fiscal obligations. In the past, Congress has simply solved the problem of running up against this ceiling by increasing it. But while “raising the roof” may be good advice in a club, raising the debt ceiling while totally ignoring the underlying drivers of debt is proving to be an unsustainable and irresponsible path forward. Default should not be an option, but neither can Congress continue to pretend that we can continue to spend with impunity.
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