Assuming that the U.S. economy survives its latest near-death experience, significant credit ought to go to Senate GOP leader Mitch McConnell.
President Barack Obama ought to realize this is the second time this year that McConnell has been the key player in resolving a terrifying fiscal crisis — and start talking to him regularly.
This time, it is the Kentucky Republican's negotiations with Majority Leader Harry Reid of Nevada that (apparently, hopefully) are saving the country from a catastrophic debt default and are ending the costly close-down of the federal government.
In January, it was McConnell and Vice President Joseph R. Biden Jr. who figured out how to prevent the country from falling over the “fiscal cliff”— avoiding tax increases on all but the richest Americans.
McConnell “gave” on what had been a key GOP demand: keeping tax rates on the rich from rising to 39 percent.
In July 2011, McConnell invented a plan B to avoid an earlier default by giving Obama authority to raise the debt limit subject to congressional veto.
Obama evidently detests McConnell, regarding him as hopelessly partisan. It took Obama a full 18 months at the outset of his presidency to have a one-on-one meeting with the GOP leader.
But McConnell has proved to be a statesman. He’s risking the fury of the Senate Conservatives Fund and its allied tea party extremists, who are running a primary candidate against him in Kentucky.
Obama ought to take notice. The Reid-McConnell agreement, assuming it passes Congress and saves the day, merely puts off new days of reckoning on spending and debt.
But it also creates the opportunity for serious negotiations on entitlement and tax reform. If Obama wants to avoid a repeat of the current crisis, he’d best start talking — secretly, if necessary — with Republican grown-ups such as McConnell and House Budget Committee Chairman Paul D. Ryan, R-Wis.
House Speaker John A. Boehner obviously has to be part of the mix, but he has fallen far short — so far — of showing McConnell’s courage and legislative acumen. Even though the Ohio Republican obviously knows that his tea party brethren are irrevocably tarnishing the GOP brand, he’s yielded to them time after time.
In the meantime, Senate Republicans, led by McConnell, have isolated extremists Ted Cruz of Texas and Mike Lee of Utah to the fringe and encouraged tea party favorites like Rand Paul of Kentucky and Marco Rubio of Florida to behave.
If his leadership causes the radical right — the radio talkers, Heritage Action, the Fund for Growth, etc. — to make McConnell a key primary target in Kentucky, it’s an opportunity for sane Republicans to counter them in force.
Most of all, this whole dismal exercise ought to lead Obama, Reid, McConnell and House GOP leaders to understand that they will put the country through crisis after crisis — and allow other legislative priorities to die — unless they finally reach a long-term fiscal deal.
It’s time for a grown-ups’ weekend retreat at Camp David.