The Summit That Failed

As the economy continues to stumble, the budget talks break down

The diplomatic negotiations had dragged on for five long weeks, featuring secret meetings at carefully guarded locations, as second-echelon officials delicately probed for areas of possible compromise. Finally, both sides agreed that the moment for deadline was nigh, and a summit session of the two leaders was arranged. Three hours later, it broke up in an impasse, marking the onset of a new political war.

The central figures in that untidy scenario were Washington's two prideful old Irishmen, Ronald Reagan and House Speaker...