I’ve writtten many times deficit and the debt ceiling. I think law makers on both sides of the aisle should “do the right thing” and compromise now. Some feel compelled to stick to a position because of a previous pledge or stance. I have previously written about The “no taxes” pledge or a higher duty. But the same applies to both sides. To members of Congress are concerned that the deficit ceiling or budget negiotiations may cause them to violate their previous pledges or stances, but need to remember that you took a more important oath when they were sworn in to offfice.

But if both sides are stubborn, everyone loses. Think about it. If we default or even come close, the markets are likely to reward us with a higher interest rate on our debt. Even a small increase on a mutli-trillion dollar debt is a lot of money. We could also stubbornly refuse to reform pet programs and find those programs can not last in the long-term.

Do the right thing, compromise now.