The Debt Ceiling Returns

The Treasury Department has hit its credit limit and can’t borrow any more money unless Congress takes action. But we know how the story will play out. The party in charge will say the government has an obligation to pay its bills — demanding a new limit without reining in the spending that created those bills in the first place. The other side will suddenly start caring about “fiscal responsibility” and use it as an excuse to drag their feet. After a few weeks of moaning and concessions, they’ll vote to ensure the country doesn’t default. Then, once they’re back in power, they’ll freely vote to boost the ceiling again. But as far as we can tell, not a single politician has admitted what those trillion-dollar outlays are doing to the economy.