“It would have been time a long time ago to eliminate it,” Treasury Secretary Tim Geithner told Bloomberg TV on Friday. “The sooner the better.”
Sure. Why not? Why would a nation running up new debt at a more than $1 trillion/year rate want any sort of a restraint, pliable as it has always been, on national debt? Why would we want, in the law, a requirement that Congress from time to time pause and go on the record about whether or not they want to allow more national debt?
Why, it’s almost as silly a notion as passing a budget, which Senate Democrats are saying they won’t do for a fourth consecutive year.
To be clear, the debt cap hasn’t really been any sort of a restraint on debt creation. Every time the nation nears the most recent cap, Congress simply raises the cap higher.
That being said, raising that cap should be something Congress has to vote on. The debate over raising it should make headlines, and should remind Americans about the debt-creation going on in Washington DC. The last thing we should want is a federal government freed of even the appearance of a restraint on debt creation.