As outlined last Wed. (7/27), what Obama needed most to avoid as this operatic debate went into
the final act was large spending cap / cuts which took effect over the next 18 odd months. He did
get worked over pretty good by The House, but it looks like the prospect of much more substantive
fiscal drag has been postponed beyond the end of 2012. Excluding the Tea Party, I suspect few
legislators wanted to crunch spending until after the 2012 elections are over, especially given that
the economy has been running so sluggishly.
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