The punch line of an old joke aptly describes the status of budget negotiations in Washington: you can’t get there from here. It’s not the “there” that is the problem; it’s the “here.”
Broad bipartisan consensus exists on two points. The first is that the debt limit must soon be raised to avoid a default in one form or another. The second is that current fiscal policy cannot be sustained. Missing from the equation is any solid evidence that political leaders are prepared to do what is necessary to solve either problem.