Since Congress can vote to raise the limit, its existence has been more of a political nuisance than an actual barrier. The operative factor is not how much we allow ourselves to borrow, but how much our creditors are willing to lend. That type of ceiling can't be raised by an Act of Congress. Once our creditors come to the conclusion that they have lent beyond our capacity to repay, they will be very reluctant to lend more.Peter Schiff, Debt Deal is a Blank Check
Monday, August 1, 2011
Schiff: Creditor's willingness "type of ceiling that can't be raised by an Act of Congress"
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