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“Since the debt limit simply accommodates debt that has already been incurred, raising it should, in theory, be perfunctory. But politicians have found it a useful shibboleth for showing their fealty fiscal discipline, even as they vote to ratify the debts their previous actions have a beginning the country to pay. The symbol of railing against debt has proven politically beneficial, even if not substantively meaningful.” — Thomas E. Mann
Since the debt limit simply accommodates debt that has already been incurred, raising it should, in theory, be perfunctory. But politicians have found it a useful shibboleth for showing their fealty fiscal discipline, even as they vote to ratify the debts their previous actions have a beginning the country to pay. The symbol of railing against debt has proven politically beneficial, even if not substantively meaningful.