The political battle over raising the debt limit is stupid. Congress loves to spend money but hates to pay its bills. Congress created the budget they knew would increase the federal debt but now they don't want to approve the borrowing.
The president says he won't negotiate over raising the debt limit and he shouldn't. There's nothing to negotiate. Congress has already spent the money. It's being used to pay for your social security and Medicare, the army in Afghanistan, private businesses serving Tinker, Fort Sill, Vance, helping to repair I-40 and I-35 and the interest on your US Savings Bonds.
Not paying our bills on time means we're dead beats... in default. If you don't have your social security check or Oklahoma businesses that supply Tinker don't get paid on time we all spend less, businesses lay off employees, maybe go broke.
That can lead to a recession, higher unemployment, higher mortgage rates.
The worst part about this we owe the money. More importantly we don't even need a debt ceiling. We didn't have one before 1917 and the U.S. and Denmark are the only two nations on earth with legislative debt ceilings.
If congress wants to limit its debt, there's two simple solutions: spend less or tax more, but they don't have the courage to do either. They take the cowardly approach by destroying America's credit rating, screwing up the stock market and risking recession.
Oh by the way, polls show 80% of Americans object to shutting down the government, which means if Congress really is listening to us they will approve the debt ceiling increase.
For Common Sense, I'm Vince Orza.