Debt, Default, and Democracy

Originally published by RallyPoint; authored by Alex Gallo

Debt ceiling, default, and democracy. Many in our country would add another “D”– dysfunction.

The recent debt ceiling debate in Washington DC had many lamenting it as “crazy” and a mis-guided process. In fact, the concern about the debt ceiling and the political process surrounding it is not new. You can go all the way back to 2006 when then-Senator Barack Obama opposed raising the debt ceiling during a Senate floor speech:

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. government can’t pay its own bills. ... I therefore intend to oppose the effort to increase America’s debt limit.”