The Debt Ceiling

Easy, here is the latest argument for raising the debt ceiling, from the Washington Post's E. J. Dionne: Starting this week, the talk in our nation's capital will be dominated by whether or not Congress should raise the debt ceiling—as if we have any choice but to pay off our obligations. It will be a colossally foolish and self-destructive battle, another sign of how fanaticism and ideological obsession are rendering our country ungovernable. What drivel.  What does raising the debt ceiling have to do with paying off existing obligations?  I won't pay my mortgage unless and until I can borrow more money?  Who does this?  Everyone pays their obligations from income, not debt, unless they are insolvent. And if it is Mr. Dionne's point that we are insolvent, well, make the argument.  And then explain how an insolvent entity can get anyone to buy more debt, whatever the debt ceiling may be.  In fact, the markets and sovereign funds have been less than excited about our debt for a while now.  The only person willing to take on our questionable obligations is Ben Bernanke.  That's us borrowing from us to pay them, a situation that Mr. Dionne apparently thinks is just grand.