Editorial - Time to move to the center

The United States must bring its spending in line with its revenues. At this point, America borrows about 40 percent of what it spends.

That cannot go on for long. National deficits keep growing, financed by foreign investments.

Already, even before Congress really tackles the problem, Standard & Poors, the independent credit rating agency, predicted it would have to lower the Treasury Department’s credit rating. The chances of this happening is reportedly 1-in-3 in the next two years.

The prediction in itself is bad news and could have an important negative impact on the economy and the curre...