FE Editorial : Who’ll blink first?

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SummaryWith a newly-emboldened President Obama unwilling to let the mildly-chastened Republicans push him around any more, the news coming out of Washington is getting scary, and the $600 billion fiscal cliff—a combination of cuts in federal spending and elimination of tax breaks—that will push the US into a recession looks increasingly probable next month.

2.4 million taxpayers, Indiviglio points out, raising this to $1 million will take 2.1 million taxpayers out of the net while reducing the potential tax collections by just a third. Surely that’s a compromise worth looking at? While the Republicans clearly need to rethink their strategy, especially in an America whose social structure is changing dramatically, President Obama would do well to show some flexibility as well. Falling off the fiscal cliff can’t be a great idea, even if voters think John Boehner pushed him.

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