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The discussion in Congress has once again turned to the debt limit. Unfortunately, because of continued out-of-control spending, we are facing a situation where Congress is being asked to increase the amount of debt the federal government can incur in order to avoid default. To be certain, allowing the U.S. to default on its creditors would result in severe economic consequences for the United States and its citizens. However, this is also an appropriate time to talk about the culture of runaway spending that exists in Washington and why we must remedy it.
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