Yes, the budget deal of July 2011 is a step.
Yes, it probably is a step in the right direction.
Is it a big step? It depends on the scale:
I am not a believer that the target should be zero debt, so I am not advocating a policy that takes us to the bar on the right.
But, this does seem to be the desire of many people, so it’s useful to get a sense of scale: clearly the “huge” budget deal is not nearly huge enough.
Via Alex Tabarrok at Marginal Revolution.