This article from the Washington Times perfectly illustrates how Washington is going to deal with the “fiscal cliff,” which means that nothing much will happen to bend the trajectory away from inevitable bankruptcy.
First, the inevitable warnings from the Congressional Budget Office (CBO) which focuses only on the immediate:
Even if all of the fiscal tightening was eliminated, the economy would remain below its potential and the unemployment rate would remain higher than usual for some time.
If the fiscal tightening was removed, and the policies that are currently in effect were kept in place indefinitely, a continued surge in federal debt during the rest of this decade and beyond would raise the risk of a fiscal crisis … and would eventually reduce the nation’s output and income below what would [otherwise] occur.
This certainly isn’t the galvanizing language that would motivate congress to do something significant about the real debt: the $222 trillion debt the government currently owes.
House Speaker Boehner is holding firm against tax increases, for the moment. While Obama is giving indications that he might soften a little about