The Economy: Raising the Roof

Increases in the huge U.S. debt limit —and there have been four of them in the past two years alone—seem to signal a riproaring, breast-beating debate in Congress on Government spending. But last week, when Treasury Secretary Douglas Dillon went before the House Ways and Means Committee to request a $9 billion boost that would lift the limit to an alltime high of $324 billion, there was hardly a protest to be heard. The committee did not even bother with a roll call, instead gave speedy voice-vote approval to Dillon's request.

The...

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