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Saturday, January 12, 2013

Look! Squirrel!

I don't care how many times you hear otherwise, refusing to raise the debt limit does not force us to default on our debt--it keeps us from borrowing more than our debt limit. That will limit our new spending.

This isn't even getting into the merits of raising the debt ceiling. But the idea that we should increase the debt ceiling automatically raises the question of why we have a debt limit in the first place? Isn't it to make us question whether we can afford that increased debt?

If not, I guess I can call my credit card holder when I reach my credit limit and explain that if they don't raise my card limit and allow me to borrow more, they are forcing me to default on my existing debt.

It doesn't work that way? Huh.