Why Do We Have Debt Limits?

Has a Debt Limit ever actually limited the debt? I don't think so. Remind me to ask Paul Krugman if he can think of a time it's happened.

Why do we have Debt Limits set by Congress if they don't serve a purpose such as limiting the debt? Is it all just posturing, political kabuki?

As I understand it, refusing to lift the current limit wouldn't cause a default so much as a quick restructuring of priorities. Isn't that what we need at the moment, exactly what the administration and Congress are unable to provide? There's talk in the political wonderland of developing a "plan" or "system" or a "discipline" to move forward and control our addiction to debt. Isn't that exactly what the current debt limit provides?

Politicians living off the hog in DC fret that our creditors will panic if we don't raise the ceiling. I think just the opposite, that the financial world would draw a huge sigh of relief if the U. S. were to swear off borrowing for a good while.

Wow. Shock and awe. Going cold turkey, now that would be a real news story.

I wonder if the Betty Ford Clinic has room for 536 patients? Could we get a group discount?