Raising the debt ceiling is not equivalent to dispensing a blank check. In fact, Republicans, in Orwellian fashion, are turning black into white. With a blank check, a bearer is free to write (and then spend) any amount he or she places on the note. Thus, a blank check enables future spending. Raising the debt ceiling is about permitting the US government to cover past spending—and the blank checks of the past. These particular blank checks were issued by the Republicans during the Bush years. They voted (with the help of some Democrats) for wars in Afghanistan and Iraq without budgeting for them. They did the same with a Medicare prescription-drug benefit. They also green-lighted President Bush's tax cuts without accounting for the drop in revenue they would cause. Together these blank checks account for two-thirds of the deficit, if not more. (See this chart.) By claiming the debt ceiling is the problem, the Republicans are blaming the bank for the bank robber's action. Moreover, raising the debt ceiling does not hand Obama any more authority to spend. Congress controls spending—and the Republicans control the House and have filibuster power within the Senate. If Republicans want to clamp down on spending, they can endeavor to do so through the appropriations process. Holding the line on the debt ceiling will not turn off any spigot. The United States will continue to run up debt; the government just won't be able to pay its bills—which will likely lead to greater interest rates and, consequently, more debt.
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