by ERIC BYLER
Many are saying that the "Fiscal Cliff" was a crisis created by Congress, and that our leaders should not receive too much credit for solving it. But let's remember that most recent chapter of our 4-year saga of debt & deficit political theater was inserted as a mid-season replacement for 2011's The Debt Ceiling Hostage Crisis, a much more serious game.
This Fiscal Cliff episode turned out to be a dress rehearsal for The Debt Ceiling Hostage Crisis Part 2, allowing for the two parties to learn to work together. Republicans decided to vote with Democrats on both sides of the Capital dome. This is good. When Republicans and Democrats realize they have more in common with each other than either party has with extremists, progress follows. Trust me. I have seen it before.
As part of last night's bipartisan compromise, the job-killing and economic-recovery-killing budget cuts known as the "sequester" have been scheduled to coincide with Debt Ceiling Hostage Crisis Part 2 in March. But thanks to a successful dress rehearsal, I predict that an emboldened White House, encouraged Democrats, and relieved Republicans will form a coalition that defeats the radical right's negligent debt ceiling tactic (holding the global economy hostage in order to force the nation into European-style austerity measures that would hurt the economy and add to the deficit and the debt by shrinking our tax base for decades to come). Instead of caving in to deranged hostage-takers, we may well see Washington achieve a "grand bargain" similar to the one President Obama has been seeking for two years now: gradual, and responsible deficit reduction that allows our economy to create jobs and continue its recovery. [MORE]
Via Coffee Party USA