The Federal Debt Limit Law was enacted way back in 1917 to finance World War I. It remained a rather passive notion till World War II. During that war, the limit was regularly raised and set at $300 billion.

The reason for the debt limit was to allow Congress the necessary vehicle to control spending and impose fiscal accountability compelling both the president and Congress to change improper spending habits. It was to impose a national devotion to the idea of thrift and require economical management of government.

Then, around 1962, the debt limit law began to fail in defending our nation from excessive spending. Accounting changes and amending the debt limit became commonplace since the percentage in relation to GNP was deemed small. Since 2001 Congress has voted the raise the debt limit 10 times to its present limit of $14,294 billion. Congressional increases in debt ceilings appear to be as commonplace as congressmen’s many improprieties.

At what number will the new ceiling be set with current deficits running $1.5 trillion annually, no end in sight and a president with no appetite for spending cuts. The present ceiling exceeds 100 percent of GNP and any new ceiling will far exceed it, placing the United States among the highest of debtor nations and reducing our debt to junk status.

After manipulation by the U.S. Treasury, the final day before default on U.S. obligations was extended from May to early August. The day of reckoning is fast approaching, yet our two political parties are locked in debate over the fate of the nation. We all watch in amazement as our elected officials bicker and debate solutions that seem so obvious to the rest of us.

In short, we need to both cut spending and temporarily raise taxes to offset our gargantuan deficits.  But both political parties instead jockey for political position while our populace waits, uncertain of the future.

The time for a balanced budget amendment to our sacred constitution is here. This antiquated law of debt ceilings must end.

Anytime a constitutional amendment is necessary, great thought must be given to assure our liberties remain intact, ensuring the good of all. And how much more meaningful can fiscal solvency be to liberty than liberty itself? Of course, we should not advocate such restraint in times of national emergency such as war.

Yes, the process of constitutional change is long and slow. But, like the planting of a tree, better to plant today than look back in 20 years and regret not planting at all.

Most people, especially those in business, realize government spending is out of control and virtually unmanageable. If a strong businessman became president, most likely 30 percent or greater of government employees could be removed. Daily we read of overlapping agencies, antiquated agencies, inept agencies, corrupt agencies, dysfunctional agencies — and yet they remain entrenched because of careless management of taxpayer money.

The consequences of American business or taxpaying households operating like government would be (1) bankruptcy; (2) unemployment; (3) penitentiary for those responsible; (4) death of freedom and capitalism.

Blame can be shared equally for the current situation. Let’s clear that up right now. But to fix this broken system will require that statesmen rise above politics. Otherwise, it may be later than we think.

Clifton Robinson is chairman of Robinson Media, which owns the Tribune-Herald.