Eliminate the Debt Ceiling

The debate on the debt limit is Washington bulshittery. Here's the truth:

1. Increasing the debt limit has nothing at all to do with future spending. It has to be increased to pay for the spending that Congress has already authorized. Republicans know this but it is convenient to lie. Why? As a virtue signal to their base.

2. Congress is NEVER going to fail to authorize raising the debt limit. The consequences to the national and global economy are too dire to contemplate. Republicans know this too. The last time they got their knickers in a twist over the debt limit, the credit rating of the US was downgraded just on the remote chance that the GOP might drive off a cliff.

3. There is no reason to have a debt limit. When Congress authorizes spending or tax cuts it cannot then later on decide not to pay the bills. It is entirely the same as you buying something with a credit card and then refusing to pay your credit card bill. Furthermore, the very idea of a debt limit is a creation of Congress and they can get rid of it any time they want. They won't do this because it takes away an opportunity to posture. However, the correct place to deal with debt is when you decide to take it on in the first place, not when the bill comes due. Republicans decided in 2017 to cut taxes to the extent of creating a trillion dollar per year deficit. That means we are taking out debt to give the money to rich people. We can argue about how stupid and evil that was, but what should be beyond argument is that if you authorized spending the money, you can't then refuse to pay for the bills you authorized.

The correct thing to do is to just eliminate the debt ceiling and let Treasury take out the debt necessary to pay the bills Congress authorized. Republicans won't agree to that because it takes away their opportunity to have a screaming hissy fit every year or so.

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