CNN warns of grave consequences if Congress “blows the debt ceiling.” That is, if Congress fails to raise the debt ceiling – not blow through it, which would seem a more natural use of the expression. The only responsible choice, says CNN, is to allow our national debt to grow above its current limit of $14 trillion. To do otherwise would place Treasury Secretary Geithner in “a ridiculous position.”
So, why is there a debt ceiling at all? Maybe because, once upon a time in 1917, cooler heads recognized that borrowing without limit is poor policy.