Key quote:
[Bernanke argues against debt ceiling and goes on to say:] “...the way to addres it is by having a sensible plan for spending and a sensible plan for revenue and make decisions about how big the government should be or how small it should be."
Yes, actually, if you pass a budget,
you thereby diminish the separate significance of the debt ceiling,
hopefully by reducing it. So the person who most complains about the
debt ceiling, Harry Reid, is the single most guilty person for turning a
necessary discipline federal spending to a symbol in order to defeat
any and all such disciplines.
President Obama just follows along.
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