Monthly Archives: April 2011

Borrowing Without Limit

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.

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