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I like the debt ceiling, regardless of which party is in charge.
I know many economists have said that debt ceiling doesn’t prevent deficit spending (in contemporary times) as that’s all Congress and the budget process. But it is reassuring to know there are constant reminders.
It’s like using credit cards. Sure spend up to the limit … and then use another card to spend more. Then get reminded of the reckless spending this month (and life to date accumulated spending) when you grimace & pay bills.
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