Why the Founding Fathers Loved the National Debt
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Although Republicans in Congress agreed this week to suspend the U.S. debt limit for three months and forestalled another budgetary showdown, most commentators think the peace won’t last.
There’s sure to be a fight over automatic spending cuts scheduled to kick in March 1 (part of last year’s debt-ceiling deal), followed by a looming deadline for funding the government that could lead to a shutdown. And House Speaker John Boehner has vowed to block any long-term increase in the debt ceiling without corresponding spending cuts -- in effect, holding out the possibility of default as a means of controlling the country’s debt.