Keven Drum at Mother Jones has the grim details:
So as soon as Part 1 of the fiscal cliff deal is safely signed and in the history books, we're going to have the same, dreary argument all over again. Call it Fiscal Cliff 2: The Dogfight in the District Continues. Republicans will once again try to use the debt limit to hold the country hostage, hoping that Obama will -- once again!—play the role of the responsible adult in the room and cave in to their demands because he understands that America can't default on its debts. Obama, for his part, says he's tired of being typecast, and he's demanding script changes. Check back on February 28 to see how it all turns out. . .
Beyond partisan politics, the American public has been ill served by all this...What we really needed was an extension of the payroll tax holiday, a complete end to the sequestration cuts, and more infrastructure spending. Those are the things that would have given us the biggest bang for the buck in the near term, and we got none of that.
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