Debt Ceiling – What Now?

As I write early Monday morning, it appears that the federal government is at the brink of default. The Republicans and Democrats have laid out irreconcilable positions on taxes. President Obama has said that he will not sign a bill that does not have some increases in tax rates on upper-income taxpayers. Republicans have said that they will not accept legislation that provides for such increases. In the negotiations, there has apparently been some progress in identifying spending cuts both sides can accept, but there no compromise is possible on the conflict over taxes. In the past, when there have been fundamental conflicts, our leaders have found a way to compromise some way or other. Ordinarily, there are . . . → Read More: Debt Ceiling – What Now?