The best thing about Bowles/Simpson

was that it set a percent of GDP at which to balance the budget in 2035 (21% of GDP; taxes up and spending down from today) and provided a path to get there. Most everyone wants lower taxes, and even though they want lower spending in the abstract, they oppose cuts that would be meaningful. Only with a target percent of GDP at which to balance the budget can you have (any hope of) a meaningful discussion of relative priorities as we move toward a balanced budget.

Update: movement in the Senate toward a deal?