The ‘Fiscal Cliff’ was designed, largely, by the people who today will get together for a high-level meeting to talk about “now what do we do?” Maybe perched on the edge of the “cliff” they created will be inspiring. After all, their political futures are in play.
From ABC News:
The stakes could not be higher: the Congressional Budget Office reported earlier this month that failure to reach a compromise … would send the U.S. economy back into recession and send unemployment skyrocketing.
While the majority of reporting follows the “crisis” framing, not everyone sees the “cliff” as something to be avoided at all costs, a sort of “let it happen and then maybe we’ll be forced to deal with reality” perspective. It’s also regularly pointed out that the whole thing is a construct of the very people who could have taken steps to avoid it, but chose not to do so. None of that is to say, of course, that there wouldn’t be real consequences if going over the cliff — by push, shove, choice, default or whatever — is the outcome. Of course, there will also be consequences to the choices made to keep from going over the edge.
Today’s reports include the speculation that Obama will be “flexible” and “compromising” in dealing with the demands of the Republicans. In other words, this could be a big step toward the Grand Bargain that has “entitlements,” among other things, as targets of “flexibility.” And as the argument also goes, this is all part of a plan, or further movements in a long-planned direction.
( Photo via ThinkProgress )