Newly-elected Pennsylvania Republican Senator Pat Toomey wrote a sensible editorial in yesterday's Wall Street Journal concerning a bill he will introduce concerning the nation's debt ceiling.
He very reasonably notes that we have sufficient federal funds to service our debt. It's simply a matter of prioritizing payments. His bill will direct the Treasury Secretary to pay interest on the debt before all other claims. Thus, any shortfalls in operating funds from an inability to borrow more than the debt ceiling will necessitate Congress cutting spending.
You can frame it anyway you'd like, but the simple fact is that the only way we're going to begin to cut unaffordable federal spending is to draw a line in the sand on borrowing limits.
Why not now?
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