Daily Archives: 01/16/2013

Debt Ceiling

It seems to me that the whole notion of debt ceiling is kind of foolish. If the Congress makes laws (with the President) to spend x trillion, and tax x-y trillion that implies a larger deficit. For the congress to mandate spending and inadequate tax to fund the spending, but then preclude borrowing is again foolish. Doesn’t the separation of powers imply the executive must choose which law to execute. That said borrowing in the executive purview, especially given the 14th amendment.