Conn Carroll: How to think about a debt-limit/spending deal

Published May 1, 2011 4:00am ET



United States Treasury officials are about to reach the country’s borrowing legal limit of $14.294 trillion. This limit, which is set by Congress, has been increased 10 times in the past decade. The White House wants it raised again. Many congressional Republicans are willing to go along, but not without major spending concessions. This fight will drag on for months into the summer, and maybe even into the fall. Just remember: This impasse is entirely the congressional Democrats’ fault.

No, the Democrats are not to blame for the entirety of our nation’s current $1.4 trillion budget deficit. President George Bush’s Medicare expansion, the wars in Afghanistan and Iraq, and steadily increasing federal expenditures on hundreds of overlapping programs all contributed to that number.

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