Obama’s Treasury Secretary: Let’s Get Rid Of The Debt Cap

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“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.

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Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

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