jonah,
your analysis is pretty good, but you do not address the elephant in the living room.
the congress gets away with the willful short term spending and long term debt because the american people have decided they like getting something for nothing. we have reached the point in time that all democracies eventually arrive. the voters have concluded that they can, without consequences, vote themselves benefits for which others must pay.
if you wish to seriously address the current state of america, you should be discussing how that conclusion of the majority of the american people can be destroyed.
It's at times like this I'm ashamed to admit I live inside the Beltway.
Well, that's probably not specific enough since I'm usually ashamed to admit I live inside the Beltway.
Still, the second you try to explain the stupidity of this "fiscal cliff" fiasco to a normal person, it makes William F. Buckley's famous declaration that he'd rather be governed by the first few hundred people listed in the Boston phone book than by the faculty of Harvard seem all the more reasonable.
While there are some responsible politicians and policymakers in Washington, if you look at the whole place...
that however is not a reason to ignore the elephant in the living room.
i am afraid the american electorate has left us only prayer as a defense against the ignorance and selfishness that has caused them to invoke economic ruin on america.