Congress is scrambling to increase the federal debt ceiling—money drawn on our account—well enough in advance of next November’s midterm elections that we’ll forget about it by the time they come begging for reelection. One might ask why, if a “debt ceiling” may be raised at will, there’s any debt ceiling to begin with. The answer is that its purpose is to create the illusion of restraint on spending.
“House Democrats are readying a package of bills for next week that will likely include a significant increase in the federal debt ceiling and tens of billions of dollars for job creation, hoping to clear the decks of two key issues before Congress adjourns for the year.
“House Majority Leader Steny H. Hoyer (D-Md.) said Friday that leaders were planning to raise the nation’s credit limit by at least $1.8 trillion, a much larger increase than Democrats had contemplated earlier this year. The current limit of $12.1 trillion is expected to be reached by the end of December.”
Read more at The Washington Post.