February 01, 2012

Debt ceiling | The Martinsburg Journal

Last week U.S. Sen. Joe Manchin, D-W.Va., voted to block an increase in the official national debt ceiling. Sen. Jay Rockefeller, also D-W.Va., voted to allow the increase.

Rockefeller insists the jump, allowing a national debt of $16.4 trillion by the end of this year, is essential to avoid a catastrophe for the economy.

But Manchin understands the real disaster is the national debt - which was just $10.6 trillion three years ago.

In voting to block the increase, Manchin noted the debt now exceeds the nation's total gross domestic product. He also cited the failure of Congress and President Barack Obama to get deficit spending under control.

Manchin is right. Unless Congress gets deficit spending under control, there really will be no "ceiling" on the debt.

By:  Editorial
Source: There must be a limit on the amount we owe