You didn’t need to be Kreskin to see this endgame coming. (H/T to The Political Carnival for the video.)
A couple of encouraging takeaways.
1) That Obama acknowledged the the failure of the Super Committee was purely due to the GOP refusal to budge on the Bush Tax Cuts. Not that’s probably not going to kill the “both sides are to blame” zombie meme that clings to the Beltway Media like flop sweat to John McCain.
2) He’s still pushing the jobs bill which means at least he’s trying to do something to mix this mess.
It showed, as one might expect, that if the Bush tax-cuts remain in effect and Medicare and Medicaid spending isn’t constrained in some way, the country will topple into a genuine fiscal crisis — not the fake one the Congress is pretending the country’s in right now
While all this — from the findings to the politicization of them — is perfectly expected, the forecast also presents another opportunity to remind people that the medium-term budget outlook is perfectly fine if Congress adheres to the law as it’s currently written. That means no repealing the health care law, for one, but more significantly it means allowing the Bush tax cuts to expire, and (unfathomably) allowing Medicare reimbursement rates for doctors to fall to the levels prescribed by the formula Congress wrote almost 15 years ago. In other words, no more “doc fixes.”
Helpfully, CBO juxtaposed these two alternative futures in a pair of graphs and, just as last time, it projects that deficits will disappear entirely by the end of President Obama’s second term (if he gets a second term) if Congress were to just sit on its hands and do nothing.
Cone on Congress! You can do that in your sleep. DO NOTHING! DO NOTHING! USA! USA!