Three dirty secrets of the debt-ceiling debate

Published July 25, 2011 4:00am ET



Three dirty secrets underlie the debt-ceiling debate. First, the back-and-forth over competing proposals to cut $1.2 trillion, $2.7 trillion or $3.7 trillion misses the larger point. Depending on which baseline is used, the national debt is going to be somewhere in the neighborhood of $20 trillion in 2020.

 

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