by @alexandergmoore
The United States is the only democracy in the world where the legislature debates whether it should pay the bills it has already incurred.
Like the Affordable Care Act, the looming issue of the debt limit is pretty confusing. Though it soaks up headlines everywhere, it’s rare to find any reporting that makes clear sense of it. The debt limit increase is often described as in increase in “borrowing power,” as if we were applying for an increase on a national credit card. But that’s not how it works. It’s more like authorizing a credit card payment for purchases we already made in last month’s bill.
Thankfully Elizabeth Warren is here to clear things up and to explain why, in simple terms, the idea of Congress just deciding to default on that debt is completely insane. Watch the Senator’s Thursday speech on Capitol Hill below, and be ye learned.
