We would expect the ingredients of the speech to be a pinch of self-denigration mixed with 6 fluid ounces of 'millionaires-and-billionaires', and a quart of "it's the other guys' fault." This coming from the man who precisely a week ago announced he would propose a "scaled down" plan, which today turned out was a complete lie: some leadership. Nevertheless. it will be interesting to see how his 'new' plan, same as the 'old' plan, is different from the 'new new' plan-to-come as he pushes the Senate to propose a 'new new new' deal that will really be a 'skinny irrelevant' deal - no doubt heralded by all asunder as a 'grand new' deal. Though it appears we should have no fear as McConnell and Reid are working on it and McConnell is "hopeful and optimistic." Farce!
For those who missed it, here is the WSJ rundown:
President Barack Obama said "the hour for immediate action is here" on a deal to avert the fiscal cliff. The president said he remains "optimistic" that an agreement can be reached in Congress before a looming year-end deadline to avoid tax increases and spending cuts.
If Congress can't reach a deal, the president said Congress should allow a vote on a basic package that would preserve tax cuts for middle-class Americans while extending unemployment benefits for the long-term jobless and working toward a foundation for a broader deal. Senate leaders said they hope to reach a compromise that could be presented to lawmakers by Sunday, little more than 24 hours before the deadline.