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View Diary: Daily Kos Elections New Year's Open Thread (220 comments)

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  •  Pressed "ok" to quickly... (7+ / 0-)

    ... but just to conclude things (though this may be redundant), it essentially means that we're locked into a cycle of tit-for-tat, last-minute, least-common denominator deals. It won't make anyone happy, and it's hugely suboptimal. But it's arguably better than nothing. In the end, we've actually gotten fairly little austerity at the federal level (in contrast to Europe) because of constant punts on cuts and stimulus tax policies expiring. We'll slowly see the deficit whittled down. And military spending will fall.

    The flip side is we won't see real -- and necessary -- revenue increases for quite some time. What the experience basically shows is that contrary to the myth of the Grand Bargain, the only way you're going to get a balanced, "centrist" entitlement-reform and revenue-raising tax reform bill is going to be when Democrats again hold the trifecta. Both the 1993 Budget Reconciliation Act and the ACA are the relevant precedents.

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