Dodging the Debt Limit Stampede

Ernest Istook / December 08, 2010

Brand-new Congressmen don’t take office until January, but they’re already consumed with worry about the national debt.  They’ll be faced with a vote expected next year to raise the debt ceiling beyond its current $14.3-trillion (about $47,000 apiece for everyone in America).

The current $14.3-trillion debt ceiling has almost doubled since May 27, 2003, when it was set at $7.4-trillion.  Projections show we’ll reach our credit limit around May of 2011, pushed along by three straight years of trillion-dollar deficits, including an expected $1.5-trillion this year.

Congress should not feel rushed into voting on a higher debt ceiling, although some will try to create pressure with claims that anything else would be irresponsible. (more…)