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“Grand bargains” are a waste of time

Paul Krugman makes a point this morning that I’ve been making around here a lot lately: even if you still long for a balanced (meaning not just spending cuts but also tax revenues), sustainable budget deal–what folks around here call a “grand bargain”–you really have to ask yourself if the current cast of Congressional characters are the right folks to broker that deal.

Importantly, as the fiscal picture has improved, both through actions we’ve taken already–$2.5 trillion in deficit savings over the next decade–and the improving economy, it’s much tougher to make the hair-on-fire urgency case that drove this benighted debate in recent years.

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