Last Friday I spoke at a conference at the Reagan Presidential library where over 50 currently serving members of Congress–including many new members–met to discuss the future. One of the big issues was the debt limit, which has already been the subject of partisan discussion and is now viewed as a key mechanism for the overall effort to reduce spending. Here is the best summary of the issue , prepared by J.D. Foster of the Heritage Foundation. It is short and very clear. Well worth reading.