The big headlines out of the House Republican retreat in Williamsburg, Va., today are that the conference is moving toward a small debt limit increase that would give the Treasury Department about three more months worth of borrowing authority.
Other media outlets are calling this move a retreat, and a tactical retreat it is. House Leadership has not given up on the idea of using the debt limit as leverage to force a debate about unsustainable federal spending though. They just want to get their ducks in a row before they begin negotiating in earnest with President Obama. An extra three months will allow the House time to pass fundamental entitlement reform through regular order, perhaps even including a Balanced Budget Amendment.
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