There are those who last year thought when the sequestration (the fiscal cliff) was put into the Budget Control Act, that it was so glaring that there was no way anyone was going to allow that to happen, who are now saying “ok and go ahead and let that happen.” It is still glaring and the reason it was put into the Budget Control Act in the first place was to force Congress through the Super Committee to do what it should have been doing for the years prior, which is to force Congress to do something about the fiscal cliff. Congress failed, the Super Committee failed and now we are presented with this sequestration.
So where are we now? Congress is gone and they are going to try to address this in lame duck. The chemistry in a lame duck is very challenging to work in, so there are no guarantees of success, and America is left starting down the barrel of a financial disaster that is not just a 6 or 9 month thing but a fundamental crisis.
This is not a surprise! Democrats know it, republicans know it, conservatives know it, and liberals know it. They all know it and yet we have a campaign going on that is talking about anything and everything else… Big Bird, why Obama was on the view, what Bain Capital did 15 years ago rather than this financial collapse which is imminent.