While the sequestration President Obama and Speaker Boehner agreed on in 2011 to avert the manufactured debt limit crisis will include $11 billion in Medicare cuts along with billions in defense and other cuts, it would not change any benefits that beneficiaries of the program receive. But there’s no doubt that if the whole of cuts and tax breaks ending in the fiscal cliff are allowed to come into being — cutting the deficit in half — they would eventually damage our already-shaky economy, despite the fact that right-wingers have been claiming for years that the deficit was to blame for our slow recovery. And if Republicans want to hold the debt limit — which expires early in 2013 — hostage again, a fiscal crisis could be inevitable.
Well true. So what could happen? LOL sees 5 possible outcomes:
- Three month or more punt (GOP wins, unlikely)
- President Obama's most recent offer.
- Compromise between Obama offer and Boehner "Plan B".
- Short-term cliff jumping, then a deal (Most likely scenario)
- Thelma and Louise and no looking back.
My money's still on 4, as is LOLGOP's. We'll see where we land this Cliff-Mess season.