–As to the outcome over the next few days, it ain’t over ‘til we’re over, and both sides are sort of talking again today, but I think the Congressional aide aptly summarized activities on the Hill the other day: “It’s hard to overstate how little is going on…”
–Going over is likely because at this point both sides probably see a better deal on the other side of the cliff. For R’s, their fingerprints are not on the automatic rate hikes* and even better, they can argue that by voting to reset rates on the bottom 98% back to where they were before we went over, they’ve just passed a big tax cut, and Rep Boehner keeps his job as leader. Ridiculous, but there it is. For D’s, rates reset, and do so at the $250,000 threshold, not the $400,000 one the President offered earlier. Similarly, the chained-CPI offer isn’t part of the auto-reset.
–You can’t get a freakin’ latte in this town without being reminded of this debacle.
–Recently overheard on a Hawaiian island:
“Michelle, Sasha, Malia—how about we all pack up early, go back to the freezing rain in DC, and fight some more with McConnell and Boehner on the fiscal cliff?!! Whadya say, girls?!”
“Aloha, Daddy—catch up with ya later, dude…surf’s up, sister!”
—@Pourmecoffee is the funniest tweeter:
“So we’re going to hit the debt ceiling then go off the fiscal cliff. I assume an anvil lands on us after that.”
“Fiscal cliff. Debt ceiling. We may not have a functioning democracy, but we’ve got the liveliest governmental incompetence metaphors going.”
*This is not entirely accurate because the seeds of the cliff were planted over a decade ago when Republicans, in order to pass the Bush tax cuts under reconciliation (and thus avoid a filibuster by D’s), set them up to sunset after a decade.