However the U.S. presidential election turns out, the trifecta of the Bush tax cut expiration, the debt limit ceiling on the horizon once again, and the Congressionally mandated sequesters – cuts in domestic spending – will force the president and Congress to wrestle with fiscal issues either in a lame duck session after the election or in early 2013. The decisions they make will have profound impacts on America’s fiscal future.
The Great Debate
The state of the union, fiscally speaking, is perilous. Despite record deficits and dire warnings from Europe as to the consequences of sustained fiscal imbalance, our leaders have been unable to find common ground. The Simpson-Bowles Commission in 2010, the Gang of Six last summer and the misnamed Super Committee of this past fall were all bipartisan efforts to cut through the Gordian knot of budgetary gridlock. And all of them failed. Miserably.
Newt Gingrich and Mitt Romney, although they spend a lot of time these days at one another’s throat, appeared on the night of the South Carolina primary to agree on at least one thing: Each believes in “American exceptionalism,” and, they say, Barack Obama does not. Gingrich has already devoted an entire book to the topic, and in an interview with my colleague David Rohde, a top foreign policy adviser to Romney made it clear that American exceptionalism is a theme that Romney intends to stress throughout the campaign.
Listening to a newly populist President Obama or to Mitt Romney, who touts his CEO past at every turn, it is tempting to imagine a 2012 election that unfolds as textbooks imagine, with Republicans speaking for business and Democrats standing up for the little guy. Don’t be fooled. A more accurate reading of the contest features two elite candidates who represent different wings of the 1 Percent – a group increasingly divided over economics and the role of government.
In October 2011, National Journal surveyed energy experts about whether Obama was likely to approve the Keystone XL pipeline, which would carry Canadian tar-sands oil through the U.S. to the Gulf of Mexico. Ninety-one percent of the “energy and environment insiders” believed he would.
from Jack Shafer:
Not that there is no fresh dirt to dig up on candidates. Each day, the morning editions bring us additional sleaze, flip-flops, and embarrassments from the candidates' pasts, some of which comes ladled from oppo-researcher notebooks. We learn about our candidates' legislative histories, their leveraged buyout histories (that would be you, Mitt and Newt), their adventures on K Street (take a bow, Newt and Rick #2), the filth and fury discovered in their back pages (hello, Ron!), the casual racism of a parent (Rick #1), and their military resumes (if they have one). And if they've generated any sort of paper trail from tax liens, divorce proceedings, campaign-finance filings, or civil actions—or if there is reusable disgrace from past campaigns—we read and re-read all about it, too.
By Michelle Goldberg
The views expressed are her own.
It’s easy to read too much into Rick Santorum’s stunning finish in the Iowa caucuses after months of dismal poll numbers. In some ways he won by default, emerging as the last conservative candidate standing because no one took him seriously enough to attack him. Nevertheless, by virtually tying with Mitt Romney, he has become the leading conservative alternative in the race. And that should put to rest the exhausted conventional wisdom that the American right is primarily motivated by a desire for small government. Because Rick Santorum sure isn’t.
By Amanda Marcotte
The views expressed are her own.
Of all the candidates who rose and fell during the prolonged Republican primary campaign going into Iowa, Michele Bachmann took the wildest ride. Bachmann won the 2011 Ames Straw Poll in August, taking 28 percent of the vote, mainly due to conservative evangelicals who supported her strong anti-abortion views and her ease in speaking Christianese. But a mere five months later, after a disastrous showing in Iowa where she only took 5 percent of the vote, Bachmann is dropping out of the race.