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Debt Limit, the GOP, and Picking the Right Fight

Earl29 Wrote: Jan 19, 2013 6:40 PM
General Longstreet said, "We must fall back on Washington and make the enemy fight on ground we choose." But General Lee said, "This is where the battle is." and lost the war at Gettysburg. Like Brutus, he threw a saddle on a platitude and rode to Phillipi. Fight the batlle on ground that gives the best chance of victory. With the power of the purse, the House Republicans have the iron hand. If they have the brains and courage--and the unity--to use it, of course.

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...