Spare me the hysteria. What happened was that the 2010 electorate, as represented in Congress, forced Washington to finally confront the national debt. It was a triumph of democratic politics—a powerful shift in popular will finding concrete political expression.But only partial expression. Debt hawks are upset that the final compromise doesn’t do much. But it shouldn’t do much. They won only one election. They were entrusted, as of yet, with only one-half of one branch of government.But they did begin to turn the aircraft carrier around. The process did bequeath a congressional super-committee with extraordinary powers to reduce debt. And if that fails, the question—how much government, how much debt—will go to the nation in November 2012. Which is also how it should be.