Obama is setting himself up to fashion another “grand compromise” with the right. He will explain this is the “adult” thing to do. But his supporters may once again see betrayal. As the polls keep reporting, the populace is overwhelmingly opposed to any political deal-making that punishes them again for a catastrophe they did not cause. People seem to know it is wrong to dump more pain on them while the real malefactors are not held accountable for their sins.
Standard & Poor’s, the self-righteous credit-rating agency, has a damn lot of nerve. It provoked scary headlines by solemnly threatening to “short” America. That is, downgrade the credit-worthiness of US Treasury bonds unless Congress and the president oblige creditors by punishing the citizenry with severe budget cuts. What a load of crap.