[Texas Eagle]

Why not eliminate the debt limit? What purpose does it serve if it can be raised so easily?

[kabar]

Greenspan said the same thing a number of weeks ago, i.e., why have a debt limit since it is always raised.

[Cboldt]

-- Why not eliminate the debt limit? What purpose does it serve if it can be raised so easily? --

The debt limit is a Congressional sham on the public. They pass laws that say "spend 4 trillion of the 3 trillion you have, but don't borrow money."

The purpose of the debt limit was and is ostensibly to prevent Congress from passing the excessive spending in the first place. The debt limit only constrains Congress. It's like a Congressional rule, you can't break it, and neither can the president.