To tame the deficit, America needs a national sales tax

Amid the chaos of another Republican meltdown in Washington, the party’s deficit hawks correctly point to a serious underlying issue: the federal debt. Total debt is now more than $33 trillion, the deficit is over 7 percent of gross domestic product, and this year’s net interest payment on the debt will probably be over $650 billion — which is not far off from defense spending. For almost a generation, policymakers have been able to avoid seriously confronting deficits because interest rates were so low and financing debt was easy. But with interest rates where they are now, the party might be over.