Why we must freeze the debt limit By: Jagadeesh Gokhale April
19, 2011 04:37 AM EDT          How valid are these concerns? Not
very.   In contrast, the current prospect of a technical
default, from failing to increase the debt limit, would not be
due to any real national insolvency. Given today’s low interest
rates, the federal government could easily raise the resources
needed to meet today’s contractual government obligations.  The
correct description for the technical default from Congress’
failure to increase the debt limit, therefore, should be “a
temporary suspension of fiscal operations to promote a more
prudent fiscal course.”  A failure to increase the debt limit
now would just create an ersatz “crisis.” For too long, analysts
and politicians have balked at the massive political impediments
to reforming the federal budget — especially entitlement
programs.  Many now concede, actually, that no prudential
reforms are likely unless there is an imminent “crisis.” On the
other hand, political liberals arg