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It's Almost Like the Tea Party Won

The election may have been a rebuke to austerity, but the sequester has handed the hard right a victory.

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Beyond that, the only other obvious deadline on the calendar will come in seven months, when a new CR would expire. There might be an opening in the run-up to that for Obama to get his grand bargain-for-sequester trade-off, although it would require Republicans to embrace a framework – half revenue increases, half entitlement cuts – that they’ve largely resisted for some time. It may be that to most of the party, the sequester will remain preferable to Obama’s “balanced” approach.

It’s all a long way of saying we’re probably stuck with the sequester for the rest of this fiscal year – and maybe well beyond that. It’s an outcome almost no one saw coming a year ago, and one made all the more remarkable by the fact that the most recent election seemed to represent a rebuke of the GOP and its embrace of Tea Party fiscal values.

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