On Pennsylvania Avenue, right near the end, there lived a President who wanted to spend.
He knew spending meant power, so hour by hour, he thought up more spends from his Washington tower.
“I’ll spend without limits; I’ll spend without blame! Raising taxes to pay—that’s the name of the game.”
Down the street, though, a House filled with thriftier folk had a budget to pass, or the country’d go broke. “We can’t spend all day; we’ve got bills to pay! Let’s keep deficits and higher taxes away.”
The Senate next door to the House just refused. “We don’t like your budget. We’ve got some bad news: The President says we can spend all we want, and we’ll simply raise taxes whenever we choose.”
So they spent and they spent and they borrowed some more. And when all that was spent, they spent same as before.
But not everyone thought the spending was nice. In the House and the Senate, some spenders thought twice. “We’ll cut down on spending. We have a bad feeling…” then—SMACK!—right on schedule, they hit the debt ceiling.
Read the rest of this post at The Heritage Foundation