Obama, mercifully, has given up the quest for a grand bargain that he never should have pursued in the first place. His current position -- let's just preserve the tax cuts on the bottom 98 percent and fight about the rest of the budget another day -- is exactly what it should have been all along. The fiscal cliff was always a misleading metaphor. When withholding goes up for everyone in the first pay period of the New Year, there will be a temporary drag on the recovery. But Republicans, even of the Tea Party variety, will be unable to withstand the political pressure. Within a month, they will approve legislation to cut taxes on the bottom 98 percent. The longer they delay, they more they will destroy their own party. Obama holds the cards.
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