by Main Street Insider, Mon Jul 18, 2011 at 11:58:27 AM EDT
The debt limit is a largely symbolic check on excessive borrowing which in the past has been frequently raised with little to no controversy. Such periodic increases are necessary to keep the government running and paying its bills, regardless of ideology.
However, Congressional Republicans are now demanding that certain conditions must be met in order to win their approval of a debt ceiling increase. They have termed their list of demands Cut, Cap and Balance, and claim it is a necessary measure in order to keep the government debt from spiraling out of control, and thus keep the country functioning.
Yet the Cut, Cap and Balance Act scheduled to reach the House floor this week is anything but necessary to keep the country functioning. Rather, it is the crown jewel, the final step of conservatives' long-pursued "Starve the Beast" strategy to downsize government. It would radically limit the flexibility of the federal government to provide a social safety net, buttress the economy in tough times and respond to great national challenges, now and into the future.
But don't take my word for it. Check out this week's 90 Second Summary and decide for yourself: