Congress is now considering a bill to delay the debt ceiling an extra three months. Is “kicking the can further down the road” a good idea?
The answer is a reluctant “yes”. While Congress should have addressed long-term budget issues long before now, imposing trauma on the U.S. economy and global financial markets with the prospect of a near-term default on our obligations would have been unnecessary and unwise. An additional three months may give the new Congress and President time to at least develop a credible long-term deficit reduction plan.
But it is critical that the time not be wasted as the credit rating agencies and the markets might not give us a second chance. A number of deficit reduction plans, including Simpson Bowles, are on the table. Our lawmakers just need to have the political will and the American public needs to accept hard choices.
“Cartoon Boy Kicking a Can.” Cartoon. Toon Clips. Ron Leishman, n.d. Web. 23 Jan. 2013.