Not to be outdone by Chairman Bernanke, I introduce the phrase "fiscal grand canyon" in an op-ed in the New York Daily News today. We certainly jumped out of the frying pan and into the fire. The key excerpt:
Unfortunately for Obama, he signed away the opportunity to pursue an ambitious second-term agenda when he signed this legislation.
In this era of partisan disagreement, we can expect congressional Republicans to oppose any new idea the White House may propose on the grounds that it costs more money and the budget is already projected to be in large deficit.