The U.S. government raising its debt limit does not sound like good news, and we’d just as soon see the government’s obligations going down in the future and not up.
But that the debt limit is not yet an exploding political hand-grenade in the party debate on Capitol Hill is a good thing.
The really bad news is that President Barack Obama and GOP leaders can’t agree on a permanent solution to this problem.
The current deal between the parties lasts only through the spring, and there is every prospect of another fight over this subject then.
Raising the debt limit, as the president has properly noted, isn’t about spending more money. It is about meeting the obligations the federal government has already incurred.
Every time this becomes a political fight, business uncertainty increases, and partisanship overrides common sense. Let’s hope we get lucky again, maybe in May. In lieu of statesmanship, luck is what we’ve got.