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Friday, January 18, 2013

House GOP announces plan to give up debt ceiling threat

House Republicans to see a three-month increase in debt ceiling

We do have a long-term fiscal problem that can - and should be - dealt with in a responsible manner.

A consensus view of economists seems to be to lock in long-term reform of our tax system and entitlement programs while providing some juice to speed up the growth in the current economy. That would mean both sides holding hands and jumping off the cliff together in a real "Grand Bargain." That's still the hope, and the recognition by the House leadership to move away from the threat of a default is good news.

I may or may not agree with what they do going forward about the budget and sequester, but those are genuine opportunities to forge a big compromise that will put us on a firmer fiscal path.

That's where the fight needs to be fought, not on a threat to refuse to pay our bills.


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