How Congress Is Trying To Finesse The Debt Limit While Ignoring The Debt

You can see where this is going. As the US gets ever closer to hitting its borrowing limit sometime this summer, Congress is stumbling towards its usual off-ramp: Finding a way to continue borrowing while avoiding the hard choices needed to reduce deficits and slow the growth of the ever-increasing debt.

At the moment, at least four ideas are on offer, all aimed at addressing the messy mix of long-term federal budgeting and short-term borrowing needs. One is a serious, if modest, effort to reduce spending and raise taxes.