U.S. debt ceiling must be raised
I note with interest that 35.6 percent of poll responders and at least one letter writer (Robert Duff) think that Congress should not raise the debt ceiling. Tough stuff. Not raising the debt ceiling would mean that the U.S. could not pay debts that we have already incurred.
So people who by U.S. Treasury bonds would not be paid, debts owned to U.S. companies could not be paid, Social Security checks might not be issued. The executive branch is required by law to pay debts that Congress has authorized, yet these folks think that it is OK not to do that.
Just how is this the right thing to do? Raising the debt ceiling does not authorize the president to spend more money as many have suggested. The executive branch can only spend money that Congress has authorized, and right now the executive branch has to borrow money to pay for what Congress wants.
I guess another way would be to raise taxes or cut spending, but each of these must be done by Congress and cannot be done by the president.
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