It is hard to watch the reckless game of economic chicken being played by those in Congress who are opposed to raising the debt limit. The consequence of this game will be a head-on collision of the largest economy in the world, sending it into a broken heap on the side of the road.

By triggering the default on the debt, we risk destabilizing our financial system in the middle of a weak economy and high unemployment. This is the last thing we can afford now.

There will be real consequences to ordinary people and small businesses if our financial system falters, including making it more difficult to borrow money and higher interest rates.

We should not forget how we got here and what we are capable of. At the end of the last century, we were running a surplus. Due to a variety of reasons, including the cost of two lengthy wars, changes in tax rates that reduced government revenue, and ultimately a recession triggered by the last financial crisis requiring prompt government action to rescue the system, the surplus turned into a deficit.

But we still remain the greatest economic engine in the world. Eventually, we will turn our economy around, but failing to raise the debt limit will be counterproductive to the goal of reducing the deficit.

What makes this game even harder to understand is that it appears those refusing to raise the debt ceiling are motivated more by politics than by genuine concerns about fiscal policy. If those in Congress wish to make changes to government programs to reduce the deficit, they have a remedy that will not cause financial havoc. They should make cuts to programs they do not support the next time they vote on the federal budget.

David Sandino

Davis

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