Bernanke: Debt Limit Should Be Scrapped

Bernanke: Debt Limit Should Be Scrapped

Even Federal Reserve Chairman Ben Bernanke is getting in on the act. He said Monday that we should get rid of the debt ceiling entirely: “It would be a good thing if we didn’t have it.”  The debt now stands at $16.4 billion, and the GOP may stand firm against raising it.

How’s this for logic: Bernanke said that for the GOP to stand against raising the debt ceiling is pointless because the money’s already spent: “This is sort of like a family saying, ‘Well, we’re spending too much, let’s stop paying our credit card bill,’ ”

He was following Barack Obama’s lead. Obama said, “Raising the debt ceiling does not authorize more spending, it simply allows the country to pay for spending that Congress has already committed to.”

Bernanke asserted that the debt ceiling had no meaning: “No, it doesn’t really have — it’s got symbolic value, I guess.”