In November 2011, just months after he signed the bill creating automatic “sequestration” spending cuts, President Obama did not mince words about the need to put them into effect. “[S]ome in Congress are trying to undo these automatic spending cuts,” he said. “My message to them is simple: No. I will veto any effort to get rid of those automatic spending cuts to domestic and defense spending. There will be no easy off-ramps on this one.”

It was believed at that time that Republicans would do whatever it took to prevent defense cuts. But now that they have dropped all objections to call his bluff, it’s Obama who is looking for the off-ramp.