The Economist

Corporate tax reform as it's most often discussed these days sounds great in theory: Lower the overall tax rate and offset the budget impact by eliminating various special provisions.

Over at The Economist, Greg Ip does a nice job providing some additional details on what I posted earlier this week: Contrary to what some are saying, not raising the federal debt ceiling when it's reached later this year doesn't mean the government automatically will default on its debt.  To the contrary, the Treasury has a number of money management techniques available to it to avoid a default even if the debt ceiling isn't raised and...as Greg notes...is very likely to use them.

Meanwhile, over at Reuters, Felix Salmon says that Greg is right and that he hasn't seen the default-isn't-mandatory argument made anywhere else.  I congratulate Felix for joining the club and will send him the link to my post shortly.