Now that the Republicans have postponed the debt-ceiling debate, they’ve bought themselves some valuable time. If they use it wisely, they’ll discover a new strategy for handling the federal debt — a strategy that’s not just better for their party, but also better for the whole country.
Warren Buffett, in a recent interview on the CBS “Sunday Morning” show, revealed the kernel of an idea for what could be a new basis for managing the debt ceiling. The policy would spring from a basic principle: when a game isn’t winnable, one should change the rules. The political game of threatening not to raise the debt limit is unwinnable — whether it’s played by Republicans or Democrats. So it’s time to change the rules.
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