Last week, I published an op-ed in The News Journal calling on Congress to repeal the debt ceiling.
I hope you’ll take a few minutes to read it and let me know what you think.
The News Journal: Get rid of the debt ceiling
By Chris Coons
Imagine going to a restaurant, eating a meal, getting the check, and then simply refusing to pay the bill. You wouldn’t do that, because it’s not only wrong, it’s irresponsible, and the restaurant would never have you back again.
Unfortunately, though, that’s essentially what Congress threatens to do every few years now, but instead of a dinner check, it’s our national debt – the bills we already owe as a country – that Congress threatens to just walk away from.
Refusing to pay our national bills beyond the arbitrary ‘ceiling’ set by Congress could create a catastrophe for our economy, cause havoc in our financial markets, and likely result in the loss of trillions of dollars in the household wealth of Americans, according to a 2013 report by the U.S. Department of the Treasury.
But, for some reason, Congress seems to seriously consider ditching the bill every few years.
Later this year, the United States will once again reach our arbitrary debt limit, and Congress will have to act to pay our bills and keep our economy on track. I’m very concerned, though, that we could once again flirt with disaster through partisan brinksmanship and threaten to default on our nation’s obligations.
We cannot let that happen.
Instead, we should work together to spend taxpayer dollars responsibly and address our national debt without coming anywhere close to threatening default.
To read the full column, click here.
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