Ezra Klein went looking for a new label for what is, in effect, an "austerity crisis," not a cliff.
Among the winners:
- “Policy Meltdown”
- “What would really happen if we really cared about deficit reduction, and why we really don’t.”
- ”Catch 2012″
- “Call My Bluff Bluff”
I'm kinda partial to 2, 3, and 5.
As for some sort of bipartisan solution? Ain't gonna happen.
Take a look at the results of the Pew Research poll, out just 45 minutes ago.
By 51 to 38 percent, more predict Obama and Republicans will not reach an agreement in time, and the survey finds widespread anxiety over the consequences of such a failure.
More than six in 10 believe a missed deadline would have an overall negative impact on the U.S. economy, and about the same number anticipate a blow to their personal finances, including 74 percent of those with incomes of at least $100,000. Without a deal, taxes will jump for 9 in 10 Americans, with the steepest hikes for top income brackets. ...WaPo
Democrats are more optimistic about the outcome -- considerably more optimistic than Republicans, according to the poll.
I think that's because the Republicans turned the deficit into a crisis for political reasons, while Democrats see the deficit as the outcome of a spend-thrift Bush administration, a deficit that Democrats have paid down before and know an unspooked, energized economy will pay down the deficit. For confirmation, go back and look at what the Clinton administration accomplished. In the meantime, count on Republicans exacerbating the situation by refusing to step back from their lousy policies/fantasies.