Now that we are hearing alot about the debt ceiling, we are also hearing about the need to raise the limit so that we do not default. The Congress and the President are currently in a spat on whether we should raise the limit, by how much, and for how long. This is a problem that has been coming since George W. Bush began his wastefull spending. That spending has been increased, expanded upon, and even accelerated by President Barack Obama. Now, thanks to those two men in their infinate wisdom, we are in economic strains.
The main reason why we should not raise the debt limit is because it will only encourage more wasteful spending, and it will not hold the government to account on what it should do, which is to lower taxes and cut spending. In the video below, congressman Ron Paul gives a much better explanation of the debt ceiling that I ever could: