Trillion-Dollar Chicken

The Economist: “That suggests that the only way through the impasse is a bruising political negotiation. There is no way to improve America’s fiscal trajectory without restructuring its entitlement programs, which some Republicans are keen for and Democrats will never accept. The result may be that the kind of self-imposed austerity that plagued the Obama years makes a comeback.”

“At the moment, neither side has any incentive to back down. Impending market cataclysm might be the only motivating factor, though it will not arrive for several months. Trillion-dollar chicken has a while yet to go.”