Why the debt ceiling debate is just plain dumb
CNN
Every few years, the most Washington possible debate engulfs the nation's capitol: Whether or not to raise the debt ceiling.
The issue is whether or not to increase the amount that the US government can borrow against itself before a certain date when it runs out of money. It's all massive numbers and misunderstandings: Increasing the debt ceiling isn't really about allowing the government to spend more money going forward. It's about paying for the more money the government has already spent.
Think of the debt limit like a credit card. What raising the debt ceiling does is pay off the things you've already bought. It doesn't allow you to go on a spending spree going forward.
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