What we should be doing instead of "debt limit chicken"

Robert Shiller has a thoughtful essay in the New York Times today (see here) about what Washington should be doing instead of the debt limit debate.  He says:

Over the long haul, we should engage in balanced support of the economy, find worthwhile jobs for the unemployed and not inject stimulus for its own sake. That means we need tax increases matched by higher expenditures on public goods. Of course, both ideas aren’t very popular right now — but they should be. Granted, they won’t balance the budget immediately; trying to do so would damage the economy. Instead, we should plan to restore budget balance eventually, with matching additions on both sides of the ledger. 

It is a measured and reasonable article, two characteristics absent from both Republicans and Democrats right now.