“If raising the debt ceiling was the answer, we wouldn’t have this discussion because we’ve raised it 14 times since 2001, and all we’ve done is gain more debt and more interest on our debt.” -Rep. Ted Yoho (R-FL) on fixing the economy
Bless his stupid heart, Ted Yoho is still confused about how the debt ceiling works.
Increasing the debt ceiling does not increase our debt, it allows the treasury to pay for spending Congress has already authorized. It also doesn’t increase the interest on debt.
Guess what does increase interest.
Defaulting on your debt does. Even the threat of default can increase borrowing costs.