For all of the posturing over the debt ceiling, it's easy to forget that a statutory limit to federal borrowing isn't the real issue; the real problem is that the federal government habitually spends more money than it brings in. The fact that the feds are currently collecting less tax revenue than anticipated demonstrates that spending is the one component that government officials can, but rarely attempt to, control. Raising the debt ceiling, again, just kicks the can down the road towards disaster. The real trick is to cut expenditures, which politicians hate to do because largesse from Uncle Sugar is an effective way to court constituents and buy votes.
