The US Debt Ceiling Crisis May Be Rsolved

It appears that the US Senate will find a way out of the political hornet's nest created by the House of Representatives and the President. That is as it should be since the Senate is the "elders" branch of Congress. Senators are elected for 6-year terms and so do not have to face re-election every 2 years. This makes it easier for them to make grand gestures, support difficult decisions and generally act as the cool heads when the rest of the federal government is on partisan fire.
The Senate Majority Leader, Harry Reid, and the Senate Minority Leader, Mitch McConnell, are putting the finishing touches on legislation that may save the United States from defaulting on 2 August. McConnell (Republican) first had the idea and presented it in a news conference. Reid (Democrat) said the next day that it seemed worth considering.
Since then, notwithstanding the other games on the table, the two Senators have devoted themselves to the plan. It would give the President temporary authority to raise the debt ceiling almost unilaterally, up to 2.5 Trillion Dollars before the end of 2012 (re-election over by then). At the same time it would agree on about 1.2 Trillion Dollars of budget cuts and form a congressional committee of 6 Republicans and 6 Democrats (the committee that failed to gain support last spring had White House members as well) to present a plan by year's end that would make substantial headway in reducing the deficit by at least 3-5 Trillion Dollars over 10 years.
The committee's report would be treated as a bill requiring only a majority vote to pass, thus avoiding the possibility of a Senate filibuster. It would also prohibit amendments, so a straight up and down vote would be all that is required.
That, dear readers, is American politics at work. You count the votes available, tailor the bill so that those available will vote for it, draft and get it passed with the votes available.
Sound simple? It's not always, especially when the legislature is bi-cameral and there are only 2 political parties so that single-issue coalitions are not possible. But, it can work if the leadership is savvy and willing to compromise.
Compromise, after all, is the essence of the American system. The Constitution is filled with possibilities for compromise, if those elected are willing to do it. Right now, the House of Representatives and the White House are the unyielding groups. That's where the wisdom of the Senate can stand the country in good stead. Compromise - getting the job done in the best possible way by using the ideas, negotiating skills and votes available.  
High time. The ratings agencies - Moody's and Standard and Poor's -  are watching closely and expect more than a budget bandaid. The Reid-McConnell compromise bill provides that.