Alright, I didn't really want to go here because it's being hammered to death, but I'm getting a lot of questions about the debt ceiling, and most of the explanations I'm seeing from the media suck. So here's my take. Why do we have a debt ceiling? A government the size of the United States has an amazingly large financial gray area lurking in predicting the funding necessary to do its job. This gray area is the necessary costs to running the government that we can't predict in advance of a regular budget. By way of example, a single day of operations in Iraq or Afghanistan costs roughly 720 million dollars. Generally speaking, nobody can predict the outbreak, start, or end of war. Similar expenses include natural disasters such as Katrina or man made disasters such as the Wall Street scandals. Not all such gray expenses are negative either. Unexpected opportunities can arise that defy the planned budget or were dependent on unlikely legislation for infrastru...
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