Graham Ledger of OANN (One American News Network) said that congressmen should look up the word “ceiling” because if they keep raising it, it isn’t a ceiling. And I agree that it is a misnomer. I will call it “Economic self destruct time bomb.”
There’s nothing constructive about the debt ceiling. It doesn’t limit spending. It doesn’t limit our debt. It empowers the government to pay its bills. It doesn’t exist in other countries. It is an anachronism. It really should be eliminated because it is being used by minority groups to try to extort from government what they couldn’t do by the democratic process in Congress- like defund Obamacare.
The day after Congress refuses to increase the debt ceiling, the US debt will be just the same and be over the debt ceiling limit. Debt increases when spending exceeds revenue. The cure to debt is to cut spending or increase revenue, not plunge the country into economic chaos.
If the President continues to pay bills after Nov 3, he and the Secretary of the Treasury are in defiance of Congress and subject to impeachment. If he does not pay the bills, the US is in sovereign default.
What have other President’s done in similar situations? Nothing, because Congress has always raised the debt ceiling. It used to be automatically attached to spending bills.
“Economic self destruct time bomb” is more appropriate. It has been at the door of congress since March together with the instructions to defuse this bomb – pass the clean debt ceiling increase.