The golden rule of fiscal discipline

"The solution to the looming federal funding crisis could hardly be simpler. America has a credit card. What it sorely needs is a debit card. Imagine a super-premium platinum credit card with no preset spending limits; no membership fee; low, low interest rates; and no requirement ever to repay the outstanding balance. You spend to your heart’s content, the only limit being a statutory debt ceiling that Congress dutifully raises whenever you bump up against it."....            
                                                       ........ James Grant