Here is another good news/bad news column about the 112th Congress.

This is a defining moment for Speaker John Boehner (R-Ohio). He can go down in history as a statesman or as a weak and opportunistic pol. Right now, it doesn't look good on the statesman front.

Uncertainty regarding debates over the debt limit still remains. Endgame negotiations are nothing new in Washington, but the circumstances under which they are being played is different than before.

The debate over the debt limit provides an opportunity for meaningful fiscal reform. The debt subject to the debt limit should be redefined to include only the total of all debt instruments held by the public, and Congress should develop uniform standards for regular, plain-English disclosure to the public of all unfunded governmental obligations, separate and distinct from the publicly held debt.

The stunning news about Osama bin Laden will help Obama in the short term and the long term. But the triumph over bin Laden will not solve the problems of a looming debt ceiling deadline or set of deadlines, difficult negotiations over debt and deficits, not to mention the fundamentals of health care, a sluggish domestic and global economy, Libya, Afghanistan, Pakistan (now even more complicated) or soaring oil prices.

At this AEI event, Senator Toomey will discuss this legislative proposal and other issues surrounding the forthcoming debt-limit debate in Congress, including how to bring about more comprehensive solutions to the country's fiscal problems and put the United States on the path to prosperity.

Boehner will get another swing at the ball in the debt-limit fight. He will enter those negotiations with his base, and his caucus, watching him with wary eyes. They know that he has much greater leverage in this fight — and will be expecting much bigger results.