Posted on 09 January 2013.
Ruth Marcus, Washington Post
Last week, I described the “fiscal cliff” deal as a pathetic punt. In light of later developments, I am worried that characterization was overly optimistic.The punt part stands: The expiration of the Bush tax cuts, and Republican desire to continue them in perpetuity, represented a point of maximum leverage to obtain a grand-enough bargain on tax revenue and entitlement reform. That moment was squandered, perhaps irretrievably. “We should never, ever, ever try another grand bargain, at least until the president is willing to lay all his cards on the…
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