End government borrowing

Source: American Institute for Economic Research
by Sheldon Richman

“Because the sky is apparently the limit to its debt, the government actually has a debt sky. Trump reportedly favors eliminating the debt ceiling. Senate Minority Leader Charles Schumer (D-NY) agrees with Trump, and the two are said to have a ‘gentlemen’s agreement’ on this issue. Presidents dislike debt-ceiling legislation because members of Congress often include unrelated budget items that would otherwise be vetoed. While we might appreciate an end to the charade, this nevertheless seems to be ‘progress’ in the wrong direction. The right direction would be toward eliminating government borrowing by requiring a balanced budget — at a far lower level than the current $4.147 trillion.” (09/25/17)