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Congressional negotiators reached an agreement over the weekend on raising the nation’s borrowing limit. The tempest over the debt ceiling has been brewing for months. Lawmakers in the House just passed the deal, and the Senate is expected to take it up either later today or Tuesday. Even if both chambers pass legislation and President Obama signs it into law, few people seem particularly happy about any aspect of the bill — except for the existence of a deal. While much has been made of the ramifications of not passing a deal by the August 2 deadline, it’s unclear what coming this close to the deadline will mean for the economy.

What parts of the compromise agreement do you like? What parts didn’t go far enough? How do you think Congress should approach spending, raising revenue and borrowing generally?

Editor’s note: The Senate voted to raise the debt ceiling at about 9:30 a.m. PST


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OPB | Aug. 02, 2011