John Ransom

It’s been a year and half since the GOP and Democrats hammered out an agreement that raised the debt ceiling and put us on the lip of a fiscal cliff, threatening mutually assured destruction if a budget deal wasn’t worked out before January 2013.

It made sense for all sides at the time. 

The GOP figured there was a good shot that Obama wasn’t going to be reelected. The Democrats figured there was a good chance shot Obama wasn’t going to be reelected. And Obama was content to do what he did best: run a campaign on TV, eat his peas on vacation and hold his breath with Congress- all while stamping his feet.

"That is not an acceptable approach," the president said at a press conference in July of 2011.

Back then the crisis de jour was called “the debt ceiling.”

Politicians from both sides of the aisle faced the political abyss if they couldn’t find a way out, and they knew it. That’s why this time around they have cleverly renamed the crisis “the fiscal cliff.” They are hoping to scare the civilians into thinking it’s some sort of natural disaster rather than the artificial disaster that has been created by politicians.  

"So we might as well do it now,” said the prez back in July. “Pull off the bandaid. Eat our peas. Now is the time to do it. If not now, when?"

Or why not in the in the 16 months since he made that statement? Why not November 8th?  Maybe, um why not… now? Or wait: how about…now? Or…now? 

Oh, yeah, here’s “why not now”:  Nothing has changed since July, 2011 except perhaps the president is starting to turn a little blue.

The political landscape is pretty much the same since the last time no one wanted to vote on an Obama budget proposal. But one thing that will change for certain is that Obama won’t win reelection in 2014 or 2016.   

John Ransom

John Ransom is the Finance Editor for Townhall Finance, host of Ransom Notes Radio and you can catch more of the best money advice and monetary commentary by him daily 10am PT, 1pm ET at or on Comcast Cable