Posted on 15 January 2013.
Sheldon Richman, Reason
The last time the debt-ceiling controversy arose, it occurred to me that if the raising the "ceiling" is a mere formality"”if in fact the sky's the limit to government borrowing"”it's no ceiling at all. Hence, I dubbed this charade the "debt sky." Those who favor automatic increases in the "limit""”or no limit at all"”give the game away when they argue that the borrowing authority must be increased because the full faith and credit of the United States is on the line. After all, they…
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