Economic leadership missing

By The Gazette Editorial Board

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Pass the antacid, please.

The country's collective mood seems sour at best after Congress patched together a debt-ceiling deal and President Obama signed it hours before Tuesday's feared deadline. We share the upset stomach.

After months of often heated, ugly and sidetracked partisan debate, the result is something no one seems remotely happy with.

The deal did relieve the immediate threat of an economic collapse if the debt ceiling wasn't raised. Congress OK'd an immediate $400 billion increase in the borrowing limit, with another $500 billion allowed the president this fall unless both the House and Senate override it. That came with matching cuts in discretionary spending over the next decade.

Mostly, the problem of how to address our $14 trillion-plus national debt was kicked down the road. Tough decisions were handed off to a special commission with equal numbers of Democrats and Republicans. Within the next five months, they're supposed to come up with recommendations for up to $1.5 trillion in additional cuts, or automatic cuts will be triggered.

So much uncertainty and lots of tough work remains. That's not encouraging for an economy that, after some progress out of recession, is showing signs of faltering. High unemployment persists.

And still with us are the biggest problems: Rising health-care costs and an aging population that are pushing Medicaid and Medicare budgets to levels that are unsustainable. The most difficult revenue and spending decisions yet to be addressed. And figuring a fair-share formula.

The biggest question: Are the president and Congress up to this task? Doubts about American economic leadership continue to mount at home and abroad.