The Debt Limit Fight, Ctd

Ezra Klein seconds Howard Gleckman. We must raise the debt limit:

It doesn’t matter which budget plan you’re looking at: our accumulation of debt might slow in the coming years, but it doesn’t stop. Obama’s budget requires another $7 trillion in borrowing over the next decade. Paul Ryan’s budget requires $6 trillion. The Simpson-Bowles recommendations would require about $5 trillion. Odd as that sounds, it’s actually okay — perhaps even good. A gradual fiscal adjustment is far safer for the economy than an abrupt contraction. As Steven Hess, chief credit officer of Moody’s ratings agency, puts it, “You don’t have to have extreme austerity right now to come up with a plan that is long term. It’s the long term trajectory that’s important.”