deficit

In a torrent of budget news, the Wall Street Journal's interactive graphic of the federal budget process is something to make you laugh or cry, as you prefer.

It was freezing in Emporia, Kansas – midway between Wichita and Kansas City, a great case study for the winters for which the Midwest is known - as President Obama, many miles away, took his ceremonial walk through the U.S. Capitol and began his first State of the Union address.

The idea of a bipartisan commission to draft a plan to get the federal budget on a sound footing has been embraced by President Obama and Congressional leaders, and will likely be a major point in next week's State of the Union speech.

Origins of a Debt Economy

"Winterspeak" wonders if I would bet on the U.S. defaulting. Here are the alternatives that I can think of, and the odds I would give to them: