Debt Ceiling Must Be Raised! Or Else?

We’re seeing stories again about how it is imperative the Congress raise the debt ceiling.

Whenever raising the debt ceiling is discussed in the media, it is always to make Republicans raise it without getting anything significant in exchange. I have no idea if the dire warnings about failing to raise the debt ceiling are accurate or not. But I do know that, if we raise the debt ceiling, that will at most only delay the inevitable. Our credit rating will eventually sink because we are spending too much.

The Wall Street Journal reports, “Debt Ceiling ‘Brinksmanship’ Could Test U.S. Top-Notch Credit Rating.

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Fitch Ratings said Wednesday that a failure to raise the U.S. debt limit in a “timely manner” would prompt a review of the country’s credit rating, which is currently at AAA — the highest possible.

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The ability of lawmakers to meet two key fiscal deadlines next month will serve as a litmus test for “coherent fiscal policy making and cooperation,” according to the bond-rating firm.

“Brinkmanship over the debt limit could ultimately have rating consequences, as failure to raise it would jeopardize the Treasury’s ability to meet debt service and other obligations,” wrote Charles Seville, James McCormack and Mark Brown on Fitch’s sovereign rating group.

The Treasury Department has employed extraordinary measures to pay its bills since March, when the previous suspension of the debt limit expired and the new ceiling was set at nearly $20 trillion.

Read the entire Wall Street Journal story.

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