What is the point of a debt limit?
If our Domestic Gross Pruduct went up by ‘x’%; then the money we could borrow should be adjusted accordingly. But under the inspired leadership of Zero, we have hit the debt limit (2x in less than 1 term; is that a new record?), we have an incompetent leader who has spent more than all other previous Presidents - COMBINED. We have sustained unemployment that is higher now, than when he spent Trillions of dollars to ‘fix’ the problem, two failed Stimulus Programmed, as well as numberous bailouts.
So, if we factor in the utterly incompetent manner in which this idiot has ‘managed’ this country; our debt limit should have gone DOWN.
If Congress can arbitrarily raise the debt limit; and mandate that we must take out loans, to pay the interest on the loans we already have - this country is already dead. End of story; we are bankrupt and it’s all over but the crying. A Debt Limit must be ‘This is the LIMIT, you can go no further’, just like we all have on our credit cards and line of credit at our banks.
The constitution gives Congress the power to regulate the value of money, and to borrow money. It does not set any limits on either.
The flip side of this is that the US financial situation is Congress's doing, period.
I do agree, the country is dead. All three branches of the federal government are corrupt beyond redemption. It can't collapse fast enough to suit me. No sense in communicating with them either, unless it makes you feel better. They have no care what the public thinks.