President Obama yesterday, explaining what the debt limit is—and why it must be raised:
The debt ceiling is not a question of authorizing more spending. Raising the debt ceiling does not authorize more spending. It simply allows the country to pay for spending that Congress has already committed to. These are bills that have already been racked up and we need to pay them.
I guess the folks at Fox realized his argument was a pretty good one, so they've decided to change the name of the debt limit. Now it's the spending limit:
When you're losing the debate ... you change the debate.
Now, to be fair to Fox, I can see why they would rather have a debate about "the spending limit" than about the debt limit. After all, there's no question that they have a better shot at winning a debate where they get all the naming rights. But it is worth pointing out that the spending limit doesn't exist. So while the spending limit debate is a debate that Fox probably can win, the only place that will matter is in Greater Foxistan. Certainly, it won't mean anything down here on planet Earth.
7:50 AM PT: blue aardvark sums it up:
Or, in other words, Frank Luntz has finished his focus groups