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If Raising the Debt Ceiling and Issuing More Debt Was the Way To Preserve America’s Credit Rating, that Means…

August 20, 2011 by Dan Mitchell
…Well, I’m not sure what it means. But it sure doesn’t make sense when you look at the big picture. A credit card company wouldn’t increase a deadbeat’s credit limit, so why is it a sign of fiscal prudence to give Uncle Sam more borrowing authority?
That being said, I never thought it was realistic to block a debt limit increase. Indeed, I fully expected an unsatisfactory result.
But this cartoon is a pretty good summary of how Washington thinks.



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