automatic spending cuts details
Another fiscal crisis lurks just on the horizon - a combination of the mandatory spending cuts known as sequestration and the need to raise the U.S. debt ceiling - and pundits are losing sleep trying to figure out what Washington is going to do about it.
They're wasting their time.
"The odds that Congress and the White House will ink a comprehensive deficit-reduction deal appear as long as they have been in more than two years, even though both parties acknowledge it's the only way to break the cycle of fiscal cliffs," Politico observed yesterday (Tuesday).
In all likelihood, Democratic and Republican leaders will make a last-minute deal that achieves the minimum necessary to keep the government running while putting off the harder decisions until later - three months, six months or even a year.
That's what they always do, although the script may change a little.