There are many approaches to the current debt limit mess and few of them are likely to work. The Cut, Cap and Balance bill that recently passed the House is unlikely to pass the Democratic-controlled Senate and, even if it did, President Obama has said that he would veto it. Even if he signed it, eventual ratification of the contemplated constitutional amendment by two-thirds of the states would be needed lest we be right back where we are — except for a big and quick increase in the debt limit likely followed by another in due course.
The Gang of Six plan, which President Obama seems to like, consists of five pages of highly non-specific language. If set to music, it might be a charming lullaby to put us to sleep. Beyond that, however, in its present form it can’t take effect anytime soon. It first has to be converted into legislative language and then evaluated by the Congressional Budget Office; as of now, there is nothing capable of being evaluated or enacted.