Latest News

Imagine you’re a member of Congress. You have your own preferred way to reduce debt. If you’re a Democrat, it probably involves protecting Medicare and raising taxes. If you’re a Republican, it probably involves cutting spending, reforming Medicare and keeping taxes low.

Your plan is going nowhere. There just aren’t the votes. Meanwhile, the debt ceiling is fast approaching and a national catastrophe could be just weeks away.

At the last minute, two bipartisan approaches heave into view. In the Senate, the “Gang of Six” produces one Grand Bargain. Meanwhile, President Obama and John Boehner, the House speaker, have been quietly working on another. They suddenly seem close to a deal.

There’s a lot you don’t know about these two Grand Bargains. But they probably have the elements that have been part of just about every recent bipartisan debt proposal: some sort of tax reform that lowers overall rates while raising revenue by closing loopholes; cuts in the level of entitlement spending without much fundamental reform; a freeze on domestic discretionary spending. Mostly, there will be vagueness. The specifics of what exactly will be cut and who will be taxed will not be filled in.

You are being asked to support a foggy approach, not a specific plan. You are being asked to do this even though you have no faith in the other party and limited faith in the leadership of your own. You are being asked to risk your political life for an approach that bears little resemblance to what you would ideally prefer.

Do you do this? I think you do.

You do it because all the other options are worse. Doing nothing could lead to default and the end of American economic supremacy. The compromise put together by Harry Reid, the Senate majority leader, and Mitch McConnell, the Republican minority leader, that’s been floating around is a ploy to evade responsibility. Punting with some small package would spook the markets and reflect dishonor on yourself.

You do it because even though you are unhappy, you see that people on the other end of the political spectrum are also unhappy. If you’re a conservative, you see that some liberals, according to Barbara Mikulski, are “volcanic” with rage at Obama. If you’re a Democrat, you see the Tea Party-types sniping at Boehner and some Republican presidential candidates completely stonewalling a deal. These signs make you feel better.

You do it because while the Grand Bargains won’t solve most of our fiscal problems. They will produce some incremental progress. We won’t fundamentally address the debt until we control health care inflation. But there is no agreement on how to do this, and it’s unrealistic to hold up an incremental deal just because no permanent one is on offer.

Both Grand Bargains produce real fiscal progress. They aim for $3 trillion or $4 trillion in debt reduction. Boehner and Obama have talked about raising the Medicare eligibility age and reducing Social Security benefit increases. The White House is offering big cuts in exchange for some revenue increases, or small cuts in exchange for few or none. The Gang of Six has a less-compelling blend of cuts, but it would repeal the Class Act, a health care Ponzi scheme. It would force committees across Congress to cut spending, and it would introduce an enforcement mechanism if they don’t. Sure there’s chicanery, but compared with any recent real-life budget, from Republican or Democratic administrations, these approaches are models of fiscal rectitude.

You do it because both bargains would boost growth. The tax code really is a travesty and a drag on the country’s economic dynamism. Any serious effort to simplify the code, strip out tax expenditures and reduce rates would have significant positive effects — even if it raised some tax revenues along the way.

You do it because you know the political climate will be worse for a deal in 2013. If you’re a Republican, you know Obama might win re-election, and even if the G.O.P. swept everything, you know your party wouldn’t have the guts to cut entitlements unilaterally (that’s why the cut, cap and balance bill didn’t mention the specific programs that would face the ax). If you’re a Democrat, you know Obama might lose, and, even if he doesn’t, the Senate will likely tilt rightward.

Mostly you do it because you want to live in a country than can govern itself. Over the past few weeks, Washington has seemed dysfunctional. Public disgust has risen to epic levels. Yet through all this, serious people — Barack Obama, John Boehner, the members of the Gang of Six — have soldiered on. They’ve been responsible and brave. If you’re a Democrat, you hate to see domestic cuts. If you’re a Republican, you loathe revenue increases, even little ones.

But this is the next step in the journey toward economic health. Standing still is not an option. Keep your reservations in mind, but let the mission continue.