All the talk surrounding the fiscal cliff has been about the big numbers of how much revenue raisers and spending cuts would be necessary. But there’s been very little about the small ball numbers and how to actually turn off sequestration and delay the tax hikes.

Nobody really expects a grand bargain in the next couple weeks. Instead a framework of the future grand bargain will likely be adopted. But policymakers also have to adopt a credible down payment that will allow them to kick the can down the road without spooking the markets. Simply delaying the impending across the board cuts of sequestration and extending the tax cuts will not work.