Veronique de Rugy in dailyherald: In the coming fight over the debt ceiling, keep in mind the cost of continuing to spend at the rate we're spending.
After 15 failed attempts, California Rep. Kevin McCarthy finally secured the House speakership. Many worry that the concessions McCarthy made to secure his victory -- especially commitments to restrain government spending -- make the upcoming prospect of raising the debt ceiling perilous. Indeed, some fear that Republicans will refuse to raise the limit if it isn't paired with restraints on spending.
Every dollar spent by government is a dollar's worth of resources drained away from the private sector, from household consumption and from private businesses. When paid for with taxes, government spends with some semblance of responsibility because it's not running up a credit card bill to be handed to future generations. But use of the debt credit card encourages spending that a responsible government would avoid.
by signing up you agree to our terms of service We are in this fiscal situation because for decades legislators -- some of whom are still in Congress today -- have insisted on spending and borrowing irresponsibly.
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