Charlie Board: Facts about debt

January 15, 2013 

Facts about debt

The front-page headline “Obama pushes for debt increase” on Jan. 15 is both factually inaccurate and highly misleading.

Raising the debt ceiling does not increase the debt. Congress has already authorized the spending that will take us over the ceiling – in fact Barack Obama as president is legally bound to spend the money because Congress appropriated it! The only question now is whether Congress will abide by its constitutional duty under the 14th Amendment to protect the full faith and credit of the United States by paying the debts they have already run up.

The debt itself already exists and will not increase – the question under consideration is entirely limited to whether we pay our existing debts. To see this, just think of the Social Security or military paychecks coming due in March. We owe that money to that retiree and that soldier already. It’s not a debt that comes into existence when the debt ceiling is increased. The difference is important.

Charlie Board

Cary

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