Treasury Secretary Timothy Geithner has been making the rounds over the past few weeks lobbying for Congress to raise the debt ceiling. According to him, if we don't increase our debt limit, we will effectively default on our debt.
"On August 2nd, we're left running on fumes, We have no capacity to borrow," Geithner said this morning on CBS' Face the Nation. "We have no other option to buy more time."
My question for Secretary Geithner: what is the point of having a debt ceiling if we're just going to raise it every time we approach it?

If I have a credit card with a $5,000 limit I cannot lobby Visa or MaserCard to increase my limit because I want to buy more iPads and TVs. If for some reason I was able to increase my personal credit limit to $10,000, it would not make my personal budget more solvent.
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