Obama's tax threshold concession bodes ill for debt ceiling talks | Dean Baker

The president won re-election promising to raise taxes on those earning more than $250,000. Now he's already capitulating There are three points that people should recognize about the fiscal cliff deal that appears to have been agreed by President Obama and the Republicans in Congress. The first is the simple and obvious point that we have gone over the cliff. There was no deal approved by Congress and signed by President Obama before the 1 January deadline. This is important because the budget ...