"Raising the ceiling without attempting to control spending is a depressing and wearying thought. It will avert crisis, yes, but there would be no gain in it beyond that. It would demonstrate to the world that we are not capable of taking necessary steps to dig our way out of the spending mess.
It would mean things just continue as they are.
But cutting and reforming—showing we can make tough decisions in a crisis—will reassure the world, and our creditors. It will increase faith in the United States, and increase an American sense of well being: "We can do this, we can make it better." It would be very good to leave the world saying, "My God, the Americans are still competent."
"Came across this quote from an article I was reading on RCP this morning. I have long thought that it would be interesting to see some
real reductions in the amount of money the federal government spends. This has not occurred under Democrats or Republicans. It will be interesting to see if it occurs now. If so, I think it will be the most significant, positive event pertaining to the Federal government in my lifetime.
If not, read the bolded part again in the quote.