Backing Away From The Fiscal Cliff, Ctd

Andrew Sullivan —  Aug 3 2012 @ 5:31pm

Stan Collender emphasizes that the deal announced by Boehner this week doesn't really affect the fiscal cliff problem:

[T]he fiscal cliff as it was used by Fed Chairman Ben Bernanke primarily referred to the tax cuts that expire on December 31 and the sequester that will cut spending by $120 billion on January 2. The [continuing resolution deal] and cliff are related only in the sense that they both deal with the budget and so are often discussed at the same time, but the two are and always have been completely different…. So the answer to the question I was asked most often yesterday — Does the CR deal mean that sequestration won't happen? — is a resounding "no." The sequester is a separate issue and the only way it won't happen is if Congress and the White House agree to legislation stopping, delaying, or modifying it.