This editorial will appear in Sunday’s print edition.
Because Democrats and Republicans couldn’t make a real deficit deal last year, they made a deal so bad they’d have to come back to the table this year. That was the theory, anyway.
The bad deal now stares us in the face. Unless Congress and the president do something by January, $1 trillion of guillotine blades will automatically fall on domestic programs Democrats love and defense programs Republicans love. (There’s crossover love on both sides, of course.)
Combined with the simultaneous expiration of various tax breaks, especially the Bush tax cuts of …