Forget the 'Grand Bargain'
Paul Krugman doesn't think it's time for Obama to give in to GOP blackmail
By Kevin Spak, Newser User
Posted Nov 9, 2012 11:52 AM CST
John Boehner and Barack Obama walk down the steps of the Capitol in this March 20, 2012 file photo.   (AP Photo/Carolyn Kaster, File)

(Newser) – Republicans still hold the House (even though Democrats appear to have gotten more votes in this election), so everyone is now wondering how far the triumphant President Obama should go to placate them and avoid the fiscal cliff. "My answer is, not far at all," writes Paul Krugman in the New York Times. "This is definitely no time to negotiate a 'grand bargain' on the budget that snatches defeat from the jaws of victory."

Yes, the cliff is dangerous. But this is the third time in Obama's presidency that Republicans are using "economic blackmail" to get their way. The whole fiscal cliff crisis is the result of the last such outburst—the debt ceiling debate. "Well, this has to stop—unless we want hostage-taking, the threat of making the nation ungovernable, to become a standard part of our political process." Obama must be willing to go over the cliff if need be. "No deal is better than a bad deal." Click for Krugman's full column.

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Showing 3 of 38 comments
M_Polk
Nov 11, 2012 11:35 PM CST
There is a quickly shrinking core of fundamentalist zealots out there. No longer can there be an accepted safe "red" state. Yes, my degree from University of Maryland is in sociology and psychology. I understand demographic shifts in population. I have studied it from local, state, and national levels. If you will note that Romney was, is, and will be a corporate raider. He bought troubled companies with Bain Capital and ran up tremendous debt. Immediately after that he filed them for bankruptcy. Does this sound vaguely familiar with Detroit? GM and Chrysler had no available funding and were listed as a poor credit risk. Both companies post-bailout paid off their debt ahead of schedule. Mid-term elections in the House are going to be rather entertaining... If cooperation is not achieved many GOP political careers will be shelved permanently.
BinThereDunThat
Nov 10, 2012 9:41 AM CST
It's more of a curb than a cliff. It's going to be gradual, not a Thelma & Louise leap off the edge. I don't know why the CBO has a gloom and doom scenario. True, the markets may be affected for a couple of days, and Republican bosses may get rid of some employees, but they did that the minute they learned Obama was re-elected anyway. If we don't go through with this now, I'm afraid those cuts will become permanent. I cannot understand why people didn't vote every Tea Partier out this time, knowing THEY were the ones holding up progress in the Congress. I can only hope mid-terms will get rid of more obstructionists.
ProbolyKnot
Nov 10, 2012 7:14 AM CST
Q: Which president's deficit was larger: GWB's final, or Obama's first? A: GWB Q: Has Obama's deficits been increasing... or decreasing? A: Decreasing