In pushing for tax increases, Obama overplayed his hand. In pushing for a spending cut, the House Republicans overplayed their hand. Deficit reduction will have to wait.
It turns out that White House economic guru Austan Goolsbee was right when he warned that it would be insane to tie deficit reduction to a vote to raise the debt ceiling. That was back in May, and most of the Beltway agreed.
But then Obama proposed to tie the debt ceiling to tax increases, and in crazy Washington, somehow it all made sense.
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