Debt-Limit Shuffle Buys Time for 'Something Big’: Caroline Baum

Faced with an Aug. 2 drop-dead date for raising the $14.3 trillion debt limit and encumbered with two parties that don’t play well together, President Barack Obama did what any president would do: He called a White House summit. (Answers b, “appoint a czar,” and c, “create a commission,” are incorrect in this instance.)

The invitations went out to the leaders of both parties for yesterday’s powwow, “a unique opportunity to do something big” about the budget deficit, according to Obama.