Fiscal Cliff Deal Address None of the Real Problems

It was depressingly predictable.  Congress and the President waited until the last minute to make a deal, technically after we plunged off the fiscal cliff, but before stock markets registered their reaction to a new year with no deal to avert the manufactured crisis.  The deal passed by the Senate is grossly inadequate to addressing either our short- or long-term fiscal challenges.  It sets us up for a couple more months of policy gridlock, at a minimum.  And, though it actually gives a nod to tax reform in the preamble, promising an “expedited process,” the legislation’s drafters apparently forgot to include the language that would create a fast track for tax overhaul.  No matter.  This bill significantly reduces the odds that we will fix our dysfunctional tax system any time soon.