Debt ceiling quote of the day

Via Ezra— this really puts in in a nutshell:

But we have to admit the reality of the situation, particularly if we’re going to avoid catastrophe over the debt limit. As Howard Gleckman writes, every legislator who voted for the 2011 continuing resolution “voted for a budget that will result in about $3.7 trillion in spending and about $2.2 trillion in revenues.” That is to say, they voted to add $1.5 trillion to the debt. Now the bill needs to be paid. Going forward, almost every legislator is supporting some budget or another that would increase the debt over the next decade. Those bills will need to be paid also. It’s good and necessary to have a conversation about how to get our fiscal house in order going forward. But the debt ceiling is about what we have already done, and raising it is a precondition of anything serious we might do next. It is not the place for posturing…

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