Let's tie the debt ceiling to spending cuts

While President Obama now insists he will not negotiate on including deficit-reduction measures with a debt-limit increase, that was certainly not always his position. The president worked with Republicans on a large deficit-reduction deal tied to the debt limit in the summer of 2011.

While the eventual result — the Budget Control Act — has flaws (especially the “sequester” that President Obama developed and insisted upon), it has actually reduced federal spending for the first time in decades.

There is no need for market-rattling showdowns or brinksmanship in the discussion this fall. The sooner President Obama starts to work with both parties to solve Washington’s spending problem, the better it will be for our economy.