Grand Bargain, 2013?

Apr 13 2011 @ 3:32pm

Jonathan Chait wants Obama to wait to cut the deficit:

Democrats will obtain massively greater leverage after 2012. As I've argued, if Obama refuses to accept another extension of the Bush tax cuts on income over $250,000, then Republicans will kill the entire Bush tax cuts for him. That would change the entire course of the budget debate. Restoring Clinton-era revenue levels won't be a huge concession wrested from Republicans at the cost of horrible social policy, it will be a fait accompli. If Obama wants to make another deficit deal after that, maybe reforming the tax code in the process, he can knock himself out. And making a deal coming off a win is likely to find the GOP is a more chastened — or, at least, less insanely triumphal — mood.

It seems to me that Obama just told us that he could not wait to propose a serious plan. The debt-ceiling is a powerful mind-concentrator, and in the battle over that, the last thing the president needed was to give his opponents a credible charge that he is fiscally more reckless than they.