Obama tells Congress to raise the debt ceiling as "Congress" has already budgeted the expenditures. Obama's observation has the ring of objectivity to it so why does Congress hesitate? The problem with government financing is that there is no audit feature that analyzes the viability of ongoing federal expenditures. The country's credit card expands at exponential speed and yet Obama believes, as most Democrats believe, that there should be no impediment to increasing the credit card limit since there is no authority/bank that can limit this upward deficit balance.
But I submit that the Constitution delegated spending authority to Congress and that "august" body of the people's representatives must be the final arbiters of the country's credit limits. Yes, they agreed to current spending programs. But also, they must audit current spending in the ever changing macro economic environment to see if that incredibly large deficit spending might actually be detrimental to the future viability of this republic. To ignore this responsibility is to abandon financial realism and promote a future based on superfluous "government" projections of future imaginary growth in the economy and collections of "growing" tax revenues. Never base the future of the country on government economists guarantees of future revenues. Congress should demand fiscal responsibility on today's economic environment....and it is definitely not crystal clear. Without being subsidized by government overspending by 40%, this country's GDP would be in the tank.
So should Congress balk at rising the debt ceiling again....and by how much? The end game is coming sooner than later. Over indebted entities always meet their ultimate debt limit and doom. Obama and his ilk simply ignore the possibility that the U.S. may very well be knocking at the door of the Pied Piper who will demand repayment on what he has already extended. The Pied Piper is the world market....and they may not like the U.S. forever printing crisp fiat bills to pay ever growing expenditures to pay for so many free entitlements to so many Americans.