The Debt Ceiling (& the $1 Trillion Coin): What Fallows Said

This:

1) Raising the debt ceiling does not authorize one single penny in additional public spending.

2) For Congress to “decide whether” to raise the debt ceiling, for programs and tax rates it has already voted into law, makes exactly as much sense as it would for a family to “decide whether” to pay a credit-card bill for goods it has already bought.

[N]othing about the magic coin is less logical, or exposes America to more ridicule, than the debt-ceiling showdown we’re apparently about to endure once again.