Muddling Through

A research brief convinces Ezra Klein that a grand bargin on the deficit isn't likely. Klein believes the US will address the deficit through "a slew of deficit-reduction measures passed over the next decade or so." Karl Smith is onboard:

The idea of grand bargains, big deals, and come-to-Jesus moments where our leaders get serious about the deficit are sexy but they are not realistic and quite frankly not smart. Big ideas make for big narratives and great stories to tell your grandkids but the history of ideas is that most of them suck and hanging your hat on any one of them is the surest route to ruin.

Smith continues this thought in a later post. Ryan Avent expects drastic action when treasury yields rise. He quips that "muddling through strikes me as a terrible option except for many of the others."