One Man’s Opinion: Why the Debt Ceiling Still Matters

By Bill Crane

** Note: the article was written before the debt ceiling agreement occurred.

Among the aspects of our republic that our founders got right is the separation of powers of our three branches of government: executive, legislative, and judicial. President George Washington was adamant that we not create a system or position of royalty, or mimic the monarchies of Europe of that day. The Congress, or “the people’s house,” would contain two chambers, hold the power of the exchequer (the budget and spending), and craft the laws of the land. The judicial branch would oversee disputes, then between states, and have purview over criminal acts by members of either the executive or legislative branches. The executive branch and later the White House would manage foreign affairs, oversee our military and acts of war as Commander in Chief, execute the laws of the land as written by Congress, and oversee the then paltry federal bureaucracy.

Our national debt expanded exponentially during the Civil War and later the World Wars. However, it was not until October 22, 1981, during President Ronald Reagan’s first term and first year in office, that our collective national debt reached the $1 trillion mark. Almost forty-two years later, that aggregate debt is over $31 trillion. Just for the visual, here is what one trillion dollars looks like: $1,000,000,000,000.00.

The power of the executive branch has grown alongside the federal government’s reach, with many of the most significant expansions occurring during the four terms of Franklin D. Roosevelt, and later the Great Society programs introduced by Lyndon B. Johnson. The most prominent drivers of federal spending today are Social Security and Medicare. It is worth noting that House Republicans are not proposing cuts or reductions in either of those third rail programs in their proposal to raise our debt ceiling again.

All spending bills originate in the U.S. House. Once passed, bills move on to the U.S. Senate, and later conference committees, and if passed as amended by both chambers, on to the president’s desk. Congress and its combined 535 members have other responsibilities, but spending oversight and management is its first and foremost priority.

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