Jumping Off the Fiscal Cliff Was Always the Best Option
Posted at 1:30 p.m. on Dec. 21, 2012
Matthew Yglesias explains President Obama’s best option throughout the “fiscal cliff” negotiations has been and remains allowing the country to go over the “fiscal cliff” temporarily.
“Come January…perception changes. Tax rates will be higher than they are today. Bills will be on the floor to make them lower.”
“The big difference is that a December deal is likely to have bigger tax increases offset by larger spending cuts, while a January deal is likely to be much more modest… What’s needed is for something—anything—to happen that even momentarily causes the deficit scolds to quiet down and let congress try to address some of the other issues that are piling up.”