Will Obama's visit to a Pennsylvania toy factory help or hurt the negotiations on the fiscal cliff?
So far, no apparent negotiations are underway. Yesterday, Geithner carried a list of demands to congress that include more porkulus money, permanent executive branch authority to raise the debt ceiling with no approval from congress, twice the new taxes on which Obama campaigned, and a vague promise to talk about spending cuts sometime next year. That is not negotiation, it is a call for unconditional surrender, and with no negotiation occurring there is nothing to affect. The campaign trip to Pennsylvania can neither hurt nor help.
I don't know what to expect, but I am wondering if this tension will cause American bonds to be downgraded once again, just like the the last time the fiscal cliff was big news.
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