Playing with the debt limit is playing with fire

Up until this year, raising the federal debt limit was a non-event. Every so often it was raised and reported on page eight of the newspaper. Even Alan Greenspan, former Fed Chairman, wondered aloud why we even have a debt limit. Now the Republicans and especially the Tea Party want to use the upcoming vote to raise it to extract maximum concessions (read: budget cuts) from the Democrats and the President.

Last December the Republicans complained that companies weren't creating jobs becuse they were uncertain about the state of taxes and that the Democrats were keeping the situation murky. Now the shoe is on the other foot. It is the Republicans who are muddying the waters by talking about not raising the debt limit. If the limit is not raised, the federal government will have to stop paying its bills, or make drastic cuts. Federal obligations may be in jeopardy and companies may not get paid by the federal government on time. This could lead to job cuts instead of job growth.

The American electorate did not give the Republicans last November a majority in the House of Representatives only to cut spending. They want job creation and economic growth. That won't happen if the debt limit is not raised.


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