Tuesday, November 27, 2012

"Fiscal Cliff" solution, a big risk

From this uninformed distance, the efforts to reach a compromise on budget and taxation issues do not seem to have the urgency that is needed in Washington.  Especially if the Obama administration follows its pattern of detailed rules set with Dodd Frank and the healthcare bill, time is already running out for legislation to be drafted.  The great danger is that policy decisions with significant ramifications for the long term will be jammed through without enough thought, and like Dodd Frank and the healthcare bill will have irreversible impacts even if wiser consideration and revisions follow.

The sooner the better, the simpler the better, is the course that needs to be followed.  Compromise is essential.  Obama needs to show more decisive leadership and the Republicans need to coalesce around some ideas that can pass the House.  This legislation cannot be a laid back waiting game.  It must happen.


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