I also think, perhaps idealistically, that the cycle that Jay talks about can be broken by true courage and true leadership, instead of the pandering that we’ve seen.
And while I fully agree that the political climate is disconcerting, there are some glimmers of hope for a productive deal. Areas like farm subsidies should provide both sides with a chance to compromise, and I think that the larger disagreements over taxes are serious but not irreconcilable. The fact that 40 Republicans have urged the committee to consider revenue increases is telling. Republicans realize that they can’t continue to look like the stubborn ones, in part because 2012 is a presidential election, and independents will be coming to the polls.
A deal that includes broadening the tax base and reforming some entitlement programs could push Republicans to relent on closing tax loopholes and other revenue increasing measures. The Democrats are right to try to avoid showing up the Republicans so far. If they can work towards making a deal that doesn’t require the Republicans to completely abandon the tenets that were affirmed in the midterms, this committee might just pull it off after all.