A Better Deal Would Be Worth the Wait

By Jonathan Cohn, The New Republic - December 29, 2012

Will we get an agreement on the “fiscal cliff” before year’s end? Even after Friday’s developments, which included a meeting of congressional leaders at the White House, I really don’t know—and neither does anybody else. But when the deal materializes still matters less than what the deal entails.

Let’s review what happens on January 1, at least officially, if Congress and President Obama don’t act:

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