Wednesday, January 5, 2011

National Debt Ceiling - #2533 - Washington Examiner Editorial: Using the Debt Ceiling for a Powerful Message

Austin Goolsbee - Ch. W.H. Econ. Advisor
Congress and presidents from both major parties have been overspending for so many years that congressional votes to raise the national debt ceiling long ago became perfunctory. But conventional thinking is no longer appropriate, and not only because Americans cannot afford a $13.9 trillion national debt and the $1 trillion-plus annual deficits President Obama proposes as far as the fiscal eye can see. So long as the federal government continues to spend far beyond its means, the nation's economy will remain mired in a recessionary stasis. No wonder the incoming Republican majority in the House is threatening to have what Sen. Jim DeMint, R-S.C., calls a "big showdown" with the president over the debt ceiling, with a vote to come sometime this spring. Austan Goolsbee, Obama's chairman of the White House Council of Economic Advisers, expounds in horror that not raising the national debt ceiling yet again would be "insanity." Goolsbee should consult a floor speech delivered not so long ago by a certain member of Congress who offered this counterargument to automatic debt ceiling increases: "The fact that we are here today to debate raising America's debt limit is a sign of leadership failure.  Read more.........

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