Certainly we need to change course and stop borrowing however the issue is to go about it in responsible manner. In the past we have simply raised the limit and gone on our way for example, I was surprized to learn the debt was raised 17 times under Regan. Currently we face a double whammy in that spending was increased (two wars, bail outs, etc.) and tax revenues have dropped (recession); for each dollar we spend; 60 cents is from tax revenues and 40 cents is borrowed.
Maintaining the debt limit at the current level simply means 40% of our bills need to go away immediately - who will not get paid. Raising the debt limit allows time to get spending in line with revenues without causing collateral damage.
The issue is not the debt limit the issue is the spending level needs to be pulled back.
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Today's Featured Article - Chores - by Frank Young. The ceaseless passing of time! It is at once our friend and our enemy. It measures our progress and it makes us old. Like most features of our life, few things are all good or all bad, and most such judgments depend on our own perspective or viewpoint. In our particular hobby, we enjoy the nostalgic return to the days of our youth as we recreate many of the scenes that took place on the family farm that served as the stage for the first few acts of the play that is our live
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