Since 1940, the debt limit was raised 98 times — more than once a year on average. Last December, it was raised by $290 billion, and yet, today Democrats would like to raise it again. If they do, it would allow the federal debt to reach $14.3 trillion (roughly the size of our GDP) to support the federal government’s borrowing through 2010.

The chart below, just published at Reason.com, shows increases in the federal debt and the statutory debt limit since 1940. Obviously, the debt limit is a very poor budget constraint because it does not alters either the spending or revenue policies that determine debt and deficits.

Think about it this way: If you want to lose weight, the only solution is to reduce your current weight. Just telling yourself that you can’t gain an additional 30 pounds in the next year won’t help. In fact, it will only make things worse. Congress needs to stop spending money rather than ruling that it should simply increase the debt by more than $2 trillion this time around.

The next week should be interesting. According to the Washington Post this morning, “Republicans have vowed to oppose the increase, and to turn what is usually a routine procedural vote into a public indictment of Democratic fiscal policy.”

My Reason piece is here.