More importantly, ever since President Obama created our nation’s fourth major entitlement program — Obamacare — Democrats in Congress have stopped budgeting entirely. Since Obamacare became law, the Democratic Senate has not produced a single budget.
Since Democrats refuse to produce a coherent plan on how the federal government should spend the American people’s money, the debt limit is the only mechanism that House Republicans now have to hold them accountable. To relinquish that power by caving into Obama’s demands that the debt limit must be raised without concessions would be a dereliction of duty and a failure of Congress to exercise its constitutional power of the purse.
For now, the Federal Reserve and foreigners are still willing to lend us as much money as we want almost for free. But that will not always be the case. Western Civilization has always been suspicious of debt. “Just as the rich rule the poor, so the borrower is servant to the lender,” Proverbs 22:7 reads.