The Crash: Ways To Get Out from Under

Bringing down America's twin deficits will demand a wealth of ideas and compromises. No single fix will do the job. Nor are any of the remedies likely to be painless. But the Administration and Congress still have time to tailor a compromise on reducing the budget gap before the Nov. 20 deadline, when $23 billion in arbitrary cuts takes hold under the Gramm-Rudman law. Some reasonable proposals for boosting revenue, cutting spending and reducing the trade deficit:

Levy an energy tax. This could be a twofer: it would not only help ease the budget deficit but could also reduce the trade...