Right now, if Congress fails to come to an agreement on an overall deficit-reduction package by the end of the year, everybody’s taxes will automatically go up on Jan. 1,” President Obama explained Friday. “Everybody’s — including the 98 percent of Americans who make less than $250,000 a year. … It would be bad for the economy and would hit families that are already struggling to make ends meet.” Obama was describing the “fiscal cliff,” over which he and other Democratic leaders have already said they would be happy to jump.
Republicans were elected to oppose Obama’s agenda, and they should do so. But here is one fight where they would be mistaken to take a hard line. It is a trap, and they will only be playing into Obama’s hands if they somehow convince themselves that they have much leverage.
