President Obama will join other G8 leaders today at the posh, French seaside resort of Deauville. On the agenda: proposed global regulations for the Internet, post-tsunami Japan, and military escapades in North Africa. Bizarrely absent from the top priorities listed by hosting head of state Nicolas Sarkozy is the most urgent issue of all: the need to rein in massive government over-spending and debt.

One needn’t travel to France to get a clear view of this problem. Here in the US, for example, federal revenues will top $2 trillion this year, but federal spending will approach double that amount. Such reckless spending has set the stage for a battle royal between Democrats and Republicans over raising the national-debt ceiling.