CBS News

Dear Research Advocate, Since I wrote with a note of optimism last week, Speaker Boehner was unable to hold his caucus, and both houses of Congress summarily recessed. As of today they remain at a virtual standoff, with the House calling for passage of a bill to extend all tax cuts and the Senate calling for passage of a bill to let rates expire on families making more than $250,000 per year. The current 112th Congress and the White House are unlikely to come to terms on a deal this year. And now the rhetoric has changed to describing a fiscal cliff effect that isn’€™t irreparable (thus ’€œbungee jumping,’€ per a Bank of America economist), with the Administration using damage-delay...

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Public sentiment is everything. With public sentiment, nothing can fail; without it nothing can succeed.
Abraham Lincoln