Mr. Obama needs to act immediately to persuade Congress to extend the deadline for sequestration another six months to provide time to avoid the massive damage to the economy and employment these draconian cuts in government would bring about.
Another close presidential election — accompanied by split control of Congress, with
Mr. Obama won a decisive victory in 2008 on the promise of a new kind of politics, but after four years of allowing himself to become entangled in the entrenched partisan warfare of Congress, he faced a nation skeptical of his ability to bring change.
Mr. Obama might imagine that without the unifying goal of ensuring his defeat, congressional Republicans will be more willing to cut a deal that includes new tax revenues. But they might also conclude that they paid no price for resisting him during his first term and that Mr. Romney's fault was that he was insufficiently conservative.
That possibility was underscored recently when Republican House Speaker
The president, freed from the constraints of re-election, needs to start making some politically bold moves. He should embrace something very much like the Bowles/Simpson deficit reduction plan. He should campaign for it with the same vigor he put into winning a second term in the