In response to:

Debt Limit, the GOP, and Picking the Right Fight

Doc W Wrote: Jan 19, 2013 4:49 PM
Yeah I also think the debt ceiling may not be the place to pick a direct fight. We are talking about cutting off spending that Congress had already approved, which is too easily demagogued as "refusing to pay our bills." The point is to limit the bills Congress racks up in the future. My suggestion is that the responsible members of the House declare that they will not vote for any spending beyond the previous year (or some previous year), adjusted for inflation and population growth. This would still be a substantial "cut" according to the sophistry by which increases in spending are projected and anything less that the projection is a "cut." It would be a defensible line in the sand. Then hold firm.
Earl29 Wrote: Jan 19, 2013 6:08 PM
I agree with you; increasing the debt ceiling is inevitable. Fight the fight where you have the power. I would go farther than you suggest and actually defund programs, but in the main, I agree.

In an ideal world, Congress would not raise the debt limit.

This would force – automatically and immediately – a balanced budget. More important, it would produce a meaningful reduction in the burden of government spending.

And contrary to hyperbole from defenders of the status quo, it doesn’t mean default since the federal government collects about ten times as much revenue as needed to pay interest on the debt.

But even though that seems like a fantasy outcome for people like me from the Cato Institute, I actually...