The parabolic debt ceiling
A somewhat old post, but a good reminder, as we are to breach the debt ceiling, once again….
The coming debt ceiling battle is the topic du jour in Washington right now. Republicans argue that simply raising the ceiling over and over again is an unsustainable policy, so they’re demanding budget cuts. Many democrats agree that the U.S. has a deficit problem, but they stress the necessity of raising the ceiling promptly, to prevent default or problems funding other U.S. obligations. When assessing the need for fiscal reform, it helps to look back at the past.