That's all. Not much. The governement can do what its citizens cannot. Got a limit? Just change it. Easy cheezy. Rules? They make the rules. We follow them. It's the order of things. A normal household must either cut expenses or increase revenues. Or both. The government can increase expenditures less, and call that a cut. It can increase taxes, but not revenues.
The rest of the world still gives the USA full credit -- standing in line to give us their money at a good rate of interest. Capitalism at its purest. Who could object? Theoretically, an enterprise borrows to increase its worth -- you know, improve the factory or train its workers.
What precisely the gov is squandering all this borrowed money on is hard to say. Well, no, I just said it. One squanders on crap. But the USA gets full credit, while raising the so-called limit, for good reason. A household that borrows money to pay interest is desperate and most likely incompetent -- in any case, has not taken effective measures to remediate the underlying problem, high expenses and low revenues. The difference is that when the USA does this, it's not a single household, but all of them, averaged into the calculations. And when you average all Americans together, you get the greatest nation in the world.
This is cause for comfort -- the way having the money for a painful operation is a comfort. Hard times ahead, but the cure is there to be had. Better to not have the disease. But the American diet is garbage, so of course we're sick. Fix it.
Well, I had some other brilliant observations to make, but I forgot them, and it's not worth the bother to recreate them.