Even if lawmakers and the White House agree on a deal to avert the cliff, it seems increasingly possible that deal would delay into next year resolution of most of the thorny budget issues… The least likely track would involve a revival of the stalled talks between Messrs. Obama and Boehner for a ‘grand bargain’ to confront deficit reduction.
Can't say I'm shaken by this. Any 'Grand Bargain' should be in open negotiations without the ticking time bomb of unecessary austerity just around the corner. Want to reform entitlements or raise taxes? Do it when your political maneuvering won't risk putting markets in crisis mode.