Modest solutions

While British papers have, naturally, focused on the eurozone’s slow-motion implosion— and, of course, a Westminster media story—America has been flirting with economic Armageddon. After months of phony negotiations over the government debt ceiling, the deadline is less than two weeks away.
 
Without an agreement by August 2nd the US government will have to impose immediate, catastrophic spending cuts of about 44% to stave off default. It would simply be unable to meet certain obligations, whether to pensioners, public employees or state governments.
 
Terrifyingly, that might be what voters want — only half of Democrats and less than a third of Republicans and independents support raising the debt ceiling.
 
Fortunately, politicians seem to be taking this risk rather more seriously. Yesterday President Obama quickly backed the bipartisan ‘Gang of Six’ Senators’ joint template for cutting the deficit by nearly $4 trillion over the coming decade. Depending on how you measure