The word “cliff” does a lot of work here. If there is a drop-dead date, a point of no return where the unwinding of the damage would be too great, then the sense of urgency generated by the Gang of Eight would make more sense. But it actually doesn’t work that way. The economy won’t fall off a cliff, but amble down a slope, in a way that allows for much more deliberative conversation about the best practices for the economy today, not just in the future.

Yesterday, John Boehner appeared to wave a white flag on talks aimed at resolving the fiscal cliff. Harry Reid reacted to that with disappointment, saying that there’s still time for a deficit reduction deal. But the real endgame – at least for the lame duck session – is coming into focus. A bipartisan group of [...]