This is no way to do the people's business.

First Republicans, who control one-half of one branch of government, the House of Representatives, threaten to force the country into default and risk a crisis in the financial markets if they don't get their way.

Then President Barack Obama, rather than standing up to such bullying tactics, acquiesces, first calling on his vice president to lead discussions on a deficit reduction package. When Republican lawmakers walked out of those talks, aghast that eliminating some tax breaks on the very rich and on oil companies might be part of the deficit fix, the president took over.

Out of those closed discussions, involving a handful of top leaders, come rumors of a $4 trillion deficit reduction compromise. Details remain secret, but reportedly involve large spending cuts, including reductions in the Medicare, Medicaid and Social Security entitlement programs, as well as some modest closing of tax loopholes.

This back-of-the-napkin approach to $4 trillion in savings is dubious at best. If a deal is agreed on, it will then be sprung on the House and Senate, which is supposed to digest it all and vote by Aug. 2 or risk plunging the country into default. This is not the way to make decisions that will have enormous long- and short-term implications for the economy and social and fiscal policy.

There is also a serious risk it will all fall apart. House Democrats may well rebel if they feel the cuts, particularly to entitlements, go too far. Tea party Republicans, pathologically averse to any increase in tax revenue, could also bolt.

Then what? Default?

All this political theater has nothing to do with what most concerns Americans - the need to create jobs. In fact this obsession with immediate budget slashing could send the tepid economic recovery into reverse.

We recognize that the nation's leaders must address the country's long-term deficit problems, but this gun-to-the-head approach could prove to be a tragic mistake.