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Daily Caller: How to repair the debt ceiling

CU President David Bossie offers a solution to rein in the national debt:

In the coming weeks, Congress will consider legislation to raise the debt ceiling. In fact, to actually call it a debt “ceiling” is one of the biggest frauds in the American political lexicon. As our government continues to spend without paying for it, our irresponsible $14 trillion national debt continues to explode, and the debt ceiling moves right along with it. There has got to be a way to force Congress to rein in the debt and be more careful with taxpayers’ money.

To understand how the debt ceiling works (or doesn’t work), one must look to the United States Congress. Congress controls taxation and the annual surpluses and deficits that the federal government accrues. When the government runs a deficit, our national debt goes up. To finance the debt, the United States Treasury Department issues bonds held mostly by China, Russia, and Middle Eastern countries. The purpose of the debt ceiling is to act as a backstop to keep the Treasury Department in check. But Congress has raised the debt ceiling 98 times since 1940, rendering the idea of such a limit virtually useless. The ceiling is more like a goalpost that keeps getting moved because of the federal government’s reckless spending habits.

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According to the Congressional Budget Office, the federal government posted a record deficit of $223 billion for the month of February alone! That is nearly $8 billion a day in deficit spending that will be added directly to our national debt. It is the largest monthly deficit ever recorded by the federal government, ironically during the shortest month. This madness has to stop or our country will drown in our unsustainable debt.

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