Obviously, the debt limit is on everyone’s minds (check out Carrie’s great Townhall.com piece today!) While some say that we face fiscal armageddon if we don’t raise the limit… while others have said that it’s not that big of a deal. 

Fortunately, the brilliant minds at George Mason University’s Mercatus Center have come up with a handy two-pager (well, three pages with footnotes) on the debt limit debate that cuts through the sound and the fury. It’s a quick read, and well worth it. 

Long story short: there are a number of steps that can (and should) be taken before raising the limit on the federal credit card. At the end of the day, we’re spending more than we’re taking in – and we’re going to have to pay that balance one way or another.