There is a maneuver I have not heard discussed.
Why not raise the debt ceiling, but define the amount and the time period to effect something less than the instantaneous 1.4Trillion cut.
In other words, raise it 500B and say that has to last 5 months. Then in 5 months another 500B for 5 months. This is a 300-400Billion cut in FY2012.
In other words, it doesn’t have to be black or white. Allocate them 500B for 5 mos and tell them to stretch it as they will.
My point to myself is this:
When they talk of raising it, they ask “How much do you need to last to February 2013?”
Wrong question. Raise it, and say, this is how much you get. Stretch it.