Eli,
A typical sentiment on the debt ceiling is articulated by Alan Blinder in today's Wall Street Journal, "Only in America is there another law that might, and sometimes does, contradict the budget law: a limit on how much the government may borrow."
Why is the debt ceiling law the ridiculous law? Why isn't the spending law the ridiculous law? Surely when Congress signed and the President signed the budget it was known this would violate the debt ceiling. Why were Congress and the President willing to pass and sign a law they knew would violate another law?
Tell me why the debt ceiling is the bad law, instead of the spending law that violates the debt ceiling law.
Bill
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