Any Point to a Debt Limit These Days?

It's almost enough to make you wonder why Congress, in a show of ersatz fiscal responsibility, bothers to set a limit to the national debt at all. But back in more innocent days — 1917, with the passage of a second war bonds act — Congress had the na•ve notion that a limit on the amount of debt the government could legally incur would impose some sort of discipline on itself.

As if.

In 1940, the debt ceiling was $49 billion (of course, money was worth more then than it is now). Now it is $12.1 trillion, and with the debt projected to increase by at least $1.4 trillion this year and with the Obama administration spending money as if dollars were going out of style (which they just might if we keep it up), it will be necessary to raise the debt limit again. The Treasury Department has told congressional leaders that if the cap isn't increased by December 31, there's a risk of running out of money for Social Security and veterans' benefits due in early January.

The problem is figuring out a way to do it with the least possible public embarrassment, and as far as possible away from next November's congressional elections.

Democratic leaders in Congress seem to have settled on adding an increase of up to $1.925 trillion to a defense appropriations bill.

The hope is that those who resist or try to make political points can be accused of failing to support our military men and women in the field.

Congressional Republicans, undaunted by such a prospect — and apparently unembarrassed that the Bush administration left a $10.6 trillion debt and had to raise the limit seven times in eight years — have vowed to resist and to try to make partisan points. And some moderate Democrats have said they might vote against increasing the debt limit unless it is accompanied by a law creating a bipartisan task force (consisting mostly of sitting lawmakers) to try to get spending under control.

That'll get the job done.

One way or another they'll increase the debt limit, face a few weeks of embarrassment, and then have the shame eclipsed by the next outrage.

REPRINTED FROM THE KINSTON FREE PRESS

DISTRIBUTED BY CREATORS.COM