Will raising the debt limit signal to markets what we want? Or will
it signal an unwillingness to deal with tough decisions on spending
and debt in the near term? Cato Institute Senior Fellow Jagadeesh
Gokhale suggests that refusing to raise the debt limit (until
programs like Medicare, Medicaid and Social Security are reformed)
could signal to markets a greater willingness to deal with
long-term fiscal issues sooner rather than later.