The D.C. press corps was giddy last night, declaring that the fiscal crisis had ended. Senators praised “honorable friends” from “great states,” congressmembers gave standing O’s to their stalwart leaders, and the president saluted bipartisanship while ridiculing Republicans, bloggers, activists and pretty much anyone else who dared oppose him.
If the whole thing seemed a bit surreal, it’s because the whole thing was a bit surreal. America’s fiscal crisis is not that our debt ceiling isn’t quite high enough — it’s that we have too much debt.
