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IPFS News Link • Congress-Congressmen

Where Are the Debt-Ceiling Chicken Littles Today?

• https://www.fff.org by Jacob G. Hornberger

Given that the new debt ceiling won't arise until sometime in 2024, why revisit the issue now?

The reason is to show the utter hypocrisy and gamesmanship of the Chicken Littles who dramatically exclaim, time after time when the debt ceiling is reached, that it must be raised again. Otherwise, they exclaim, the federal government will be forced to default on its debt, which, they say, will cause the sky to fall, make the United States fall into the ocean, and bring catastrophe to the rest of the world.

The purpose of a debt ceiling

The debt ceiling is an implicit acknowledgment by Congress that too much debt is a bad thing. The purpose of the ceiling is to prevent Congress from incurring an amount of debt that exceeds the ceiling. That is, the ceiling serves as the maximum amount of debt that the government is permitted to incur. 


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