Searching for the Grand Debt Bargain
parks one. I agree with almost every idea and word, especially the notion that we have to fix the tax code before we make any Grand Bargain. ...Notice what Republicans and Democrats, in the end, will have to agree to -- higher revenues and serious program reforms to reduce spending. There's no way around the two if we're serious about tackling the long-term debts. The probability of a Grand Bargain happening, though, is small -- and that partially explains S&P's downgrade action on Friday. S& P analysts saw ideological intransigence on full gory display during the debt-ceiling debate, particularly the refusal by conservative Republicans to even contemplate raising revenues. The bleak outlook for a common-sense compromise is driving down investor confidence.