Quote Originally Posted by BanginJimmy View Post
2. Congress 'cuts up the credit card'. Debt in excess of 21T must be approved on a line by line basis by 2/3 majority in both Houses.
This was not a mistake by Jimmy but this seems like a good time to point out that many people don't understand the debt ceiling and what it does. The debt ceiling is not equivalent to a credit card limit, it is more like a limit on what can go out of your checking account. Congress can still pass laws and "buy" as much as they want on their "credit card" regardless of what the debt ceiling is. All the debt ceiling does it say whether they can pay the bill when it comes. The only way to stop congress from spending is to stop passing legislation that requires it or revising existing legislation that requires it. Holding the debt ceiling down will not do it.