Editorial - Compromise takes courage

Political leaders of the United States are embroiled in a debate over raising the national debt ceiling.

Not raising the ceiling would be catastrophic. Without the increase in its borrowing limit, the country could not pay its commitments and government could not keep functioning. The fallout would affect every American and every economy in the world.

Yet, the debate continues and the deadline for solving the problem fast approaches. Part of the delay is that the decision to raise the debt ceiling is tied to efforts to cut the growing Federal deficit.

Some common ground exists. Both sides concede that the Federal government must cut its deficit spending and start paying down its debt. Approval of the debt ceiling increase, however, is held hostage by differing views on how to do that.

In the most simplistic terms, Republicans want nothing but spending cuts to reduce the debt over time before approving the ceiling increase. Democrats, on the other hand, want increase taxes to help offset the deficit.

In between these two opposing methods of cutting the deficit are those who see the answer as a combination of both approaches—cutting spending and increasing revenues.

A bipartisan group, the Gang of Six, has proposed budget cuts of $4 trillion and revenue increases of $1 trillion. Politically, such a plan could be the “grand bargain” and possible deal maker for which many have been hoping.

This plan and others akin to it do not truly satisfy either party. Yet, to avoid default, compromise will be necessary.

Compromise sometimes takes courage—more courage than inflexibility.

Gordon Forgey

Publisher