Warren Buffet: Eliminate The Debt Ceiling
This makes too much sense to actually happen. If there is one thing that this debt ceiling debacle has taught us, it is that Congress can waste an impressive amount of time on an issue. Warren Buffett, the Oracle of Omaha, plays the Oracle of Common Sense here:
The debt limit has “change[d] almost 100 times over the years” and “I think seven times in the Bush administration,” Buffett said.
“The way to limit debt is by taking in revenues that are appropriate in relation to your expenditures,” he said. “And to have the artificial limit which gets raised in the end disrupt the activities in an important way of Congress periodically, I think it’s a waste of Congress’ time.”
One could argue that the debt limit has allowed for a serious discussion on the country’s future. Even if one accepts that this argument has been serious (a dubious claim), there is no reason that this same discussion couldn’t occur with the passage of the annual budget.Click here for reuse options!
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