Far from being a "political stunt" ( "GOP plays chicken," June 5), the showdown over raising the debt ceiling is our best (and perhaps only) hope to restrain the runaway spending of the Obama administration. The president is unwilling or incapable of reversing the policies which have given us a bloated bureaucracy with stimulus programs which fail to stimulate, subsidies for ethanol which consumes as much energy as it produces and "investments" in "green" energy which could never compete with existing technology without huge federal handouts.

Failure to raise the debt limit would certainly have serious consequences, but raising it without a major cut in spending would be far worse. Bondholders would be far better off facing a delay in their dividend payments than they would if a continuation of the status quo led to an actual default on their investment.

The vast majority of Americans oppose a debt ceiling increase. While that may be short-sighted, it underscores their deep concern that government spending is out of control and that something must be done to stop it. Speaker John Boehner's proposal to match any increase in the debt limit with a dollar for dollar real spending cut is not only fair and equitable but is our best hope for restoring the economic strength of our nation. Failure to do so will lead to the inevitable decline of our nation and the values we cherish.

Jack Neu, Annapolis