Remember all those debt limit fights? Well, apparently Congress got tired of fighting. So now they’re working toward doing away with the debt limit altogether.
In recent years, conservatives fought to get at least some spending cuts, to begin putting the budget on a path to balance—after all, raising the debt ceiling means Congress has spent too much. Cutting spending before increasing the debt limit is necessary if Congress is to exercise some control over the debt.
But not this year. No one put up a fight this time—so Congress is essentially handing President Obama a blank check for the entire year.
“With almost $17.3 trillion in national debt, failing to put a debt limit in place to protect taxpayers from even more reckless spending by Congress is beyond irresponsible,” Heritage’s Romina Boccia, the Grover M. Hermann Fellow, told The Foundry.
That’s $140,000 per household, by the way.
How does this work? And what does this mean for the nation? Watch and share our new video, where Boccia explains in one minute.
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