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...