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The Debt-Ceiling Dance and the Annual Budget Ritual
Written By: Jeff Ignatius
Section: Commentary/Politics

Category: Guest Commentaries

2011-03-07 15:28:20

Once again it’s time to talk about raising the statutory limit on the U.S. government’s debt – the so-called “debt ceiling.” Treasury Secretary Timothy Geithner has estimated that Uncle Sam will reach the debt ceiling before Tax Day, possibly even before the end of March.

Even earlier, on March 18 to be precise, the current two-week appropriations resolution that is funding government spending will expire.

Are these two stories giving you a sense of déjà vu? They should. These two closely related issues are perennial events. Congress has raised the debt ceiling 74 times in the past 70 years, and, of course, passing an annual budget is necessarily an annual event.

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