Congrats to the USA for raising the debt ceiling. Wait, is that a good thing? No, I’d say it isn’t. I think the fight over reigning in US spending is a good one to have, but doing it over the debt ceiling seems like the wrong issue. As many people point out, the debt ceiling was money already spent. I also think it was bad for the Dems to cave over revenue increases, although that probably would have been impossible with the Tea Party crazies holding congress hostage.
But, leave it to the CBC to make the most informative tool I’ve seen to help put the debt ceiling in perspective:
Raising the roof: The uphill climb of the U.S. debt limit