Reforming a Congress that spends like teenagers
By Alex Cortes
Suppose you have a teenager and you give them a credit card, but place a limit on how much they can borrow. They reach the limit and now ask to be able to borrow more. What would be your response as a responsible parent?
The following three choices are before you:
1. Refuse to increase your teenager's borrowing limit and demand they cut their spending to be able to pay future bills.
2. Only increase your teenager's borrowing limit if you institute serious reforms on how they spend their money so that this never happens again.
3. Increase your teenager's borrowing limit with no spending reforms, risking that they will keep adding on new debt and eventually result in a massive debt that you’ll have to pay for.