Restoring fiscal balance a must

To have a successful second term, Obama needs to negotiate with Congress to restore fiscal balance. The differences between the parties don’t preclude such progress, but each side will have to swallow concessions it finds noxious.

Given the demographic pressures on Social Security, Medicare and Medicaid, the government will need more revenue than it’s now taking in. But given the rising costs of those and other entitlement programs, changes will be needed to reduce future obligations. The obvious trade: Republicans agree to a simplified tax code that boosts revenue, while Democrats accept trimmed-down benefits.

Will that grand, painful bargain come to pass? Not without consistent, deter- mined presidential leadership, and not without a willingness in both parties to compromise. But there is really no responsible option. Putting the nation on a sustainable fiscal path is essential to our long-term prosperity — as well as our ability to afford the sort of government commitments the president regards as indispensable.

For too many years, under both President Obama and President George W. Bush, our elected leaders have held out visions of great national progress, while indulging fiscal policies that limit our options and darken our future. Those in office over the next four years need to reverse that course. The time to start is now.