I agree with President Obama that this election is shaping up to be a choice between two conflicting economic visions. What happens, though, if the election results in a stalemate between those visions? What happens to economic policy if President Obama is reelected and Republicans retain their House majority?
The Associated Press’ Ben Feller asked President Obama this question yesterday (highlights by me).
AP: Let’s say you win—okay, that’s a hypothetical that you would probably buy into. But say you win, but the House Republicans win again also, a likely possibility. How is that any different from what we have now? Why wouldn’t a voter look at that and say that’s a recipe for stalemate. How would you do anything differently?
THE PRESIDENT: Well, there are a couple things that I think change. No. 1, the American people will have voted. They will have cast a decisive view on how we should move the country forward, and I would hope that the Republican Party, after a fulsome debate, would say to itself, we need to listen to the American people.
I think what is also true is that because of the mechanisms that have been set up, agreed to by Republicans, that have already cut a trillion dollars’ worth of spending out of the federal deficit, but now we’ve got to find an additional trillion—$1.2 trillion, I guess—before the end of the year, means that the Republicans will have to make a very concrete decision about whether they’re willing to cooperate on a balanced package.
If they don’t, then I’m going to have to look at how we can work around Congress to make sure that middle-class families are protected, but that we’re still doing our—meeting our responsibilities when it comes to deficit reduction and investing in the future.
Here’s my attempted translation:
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