The Grand Bargain Determination
by digby
On MSNBC as the market was closing down 634 points:
Thomas Roberts: We had an economist on earlier who said that blood is on the hands of the SP if we see another recession. Is that the view, do you think, of the White House?
John Harwood: I think that is partially the view of the White House. Certainly you've seen from Democrats, you saw from David Axelrod, the president's political adviser yesterday, he called this the Tea Party downgrade. And even though the President didn't say it, or Treasury Secretary Geithner didn't say it, they clearly are pointing to the intransigence and resistance of the Republicans that would require tax increases as the reason behind this downgrade.
So I think they're are multiple forces to blame and, of course, if you look at the longer view, Democrats have supported many of the spending programs [entitlements] that have gotten us into this place as well.
Roberts asked Harwood if there was any merit to the idea of calling congress back and he said that it was too risky because they might be deadlocked again and make things worse. He explained that the White House is fully invested in the Super Committee process and will be offering its ideas in the near future:
Harwood: At this point the administration's investing its hopes in that process and hoping they turn the negative energy of the downgrade into the positive energy and momentum of a public push for them to make a Grand Bargain
Nothing, not ongoing 9% unemployment, not predictions of another recession, not a rout in all the budget negotiations, not even the S&P downgrade will make the White House stray from its goal, stated clearly before the inauguration, of a Grand Bargain. This is obviously what they want as their legacy and this crisis will not deter them. Indeed, it is an opportunity to press harder. They aren't feckless --- they are determined.
.