GOP Careening Toward Debacle on Budget

Jonathan Chait, NY Magazine
The showdown over the “fiscal cliff” has taken its first major turn, as Representative Tom Cole — a former minority whip and still a leading House Republican — is now urging his party to extend the Bush tax cuts for income under $ 250,000 a year. Meanwhile, Ari Fleischer is spinning this move as a big Republican win.It’s not. It’s a recognition by at least some Republicans that their strategy of using the threat of an economic crisis to improve their bargaining position is likely to fail.

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