In response to:

Debt Limit, the GOP, and Picking the Right Fight

LesFalin Wrote: Jan 19, 2013 8:50 AM
Come on Republicans, stand firm on principles: no increase in the debt ceiling! The vast majority of people who will be impacted by cuts are government employees and people receiving "entitlement" (unearned gifts). They are ALREADY Democrats! Are you Republican cowards afraid of a voter backlash? Better a skirmish now than an Armageddon later.

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...