Ezra Klein writes, “‘We have a spending problem, not a taxing problem,’ Republicans say. If the federal government defaults on Aug. 2, that sentence will be to blame. What a shame, then, that the sentence is entirely, obviously, wrong. ‘I’m an ‘and’ guy, not an ‘or’ guy,’ says Donald Marron, who served as an economist [...]

Senate Minority Leader Mitch McConnell (R-Ky.) is proposing a law that would give Obama the authority to raise the debt limit for the remainder of his first term. Under current law only Congress has the ability to raise the debt limit so the country can continue to borrow money to pay off any debt already [...]