Every time the US bumps up against its debt ceiling, we start the cycle all over again.
President Obama insists he won’t negotiate over the debt ceiling, but of course he will.
Members of Congress grandstand about changing this vicious cycle, and then most clamber for the easy way out so they can return to matters they’d rather talk about, which is just about anything but cutting spending.
Meanwhile, federal spending continues and the debt clock keeps ticking.
We will hit the debt limit again this Sunday.
The Treasury is expected to exhaust its cash management tools sometime in September or October.
In the meantime, Washington’s periodic debt ceiling ritual will play out.
Debt ceiling fights are always about leverage.
Members of Congress want to use the vote to get concessions from the other side, usually the President.
The President pushes for tax increases from Congress.
Both sides say “no” and the talks end for the day.
Here we go again.