Monday, January 10, 2011

Ten Years, Ten Increases to the Debt Limit

I'm noticing a pattern here:
In the last decade, Congress raised the debt limit ten times. This data provides evidence that the debt limit, far from providing its intended fiscal discipline, has recently served as a symbolic cap which Congress will push higher and higher as spending increases dictate.
So, other than political cover, does the debt limit serve any purpose?

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