The cast of this year's performance of the American fiscal drama hasn't changed much since 2011.
Barack Obama is still in the White House, viewing his re-election as evidence that Americans favor raising taxes on the rich. John Boehner remains Speaker of the House, at least for now, hoping to hold his Republican caucus together and cut a deal with Mr. Obama.
Associated PressCongress returned Tuesday to an agenda overshadowed by the "fiscal cliff"
In the Senate, Harry Reid leads a slightly larger Democratic majority, but Mitch McConnell, the Republican, has a big enough minority to be an obstacle.
The plot is similar too: Mr. Obama and his Democratic allies in Congress want to raise tax rates on those with annual incomes over $250,000. Republicans don't. Everyone says they want to restrain the growth of spending on government benefit programs, but Republicans want a whole lot more of that than Democrats.
The last performance ended poorly. The summer 2011 standoff over the federal debt ceiling frightened markets, business and consumers. It ended with a pact that put off a resolution until this year's sequel.
So, what is different?
Barack Obama is still in the White House, viewing his re-election as evidence that Americans favor raising taxes on the rich. John Boehner remains Speaker of the House, at least for now, hoping to hold his Republican caucus together and cut a deal with Mr. Obama.
Associated PressCongress returned Tuesday to an agenda overshadowed by the "fiscal cliff"
In the Senate, Harry Reid leads a slightly larger Democratic majority, but Mitch McConnell, the Republican, has a big enough minority to be an obstacle.
The plot is similar too: Mr. Obama and his Democratic allies in Congress want to raise tax rates on those with annual incomes over $250,000. Republicans don't. Everyone says they want to restrain the growth of spending on government benefit programs, but Republicans want a whole lot more of that than Democrats.
The last performance ended poorly. The summer 2011 standoff over the federal debt ceiling frightened markets, business and consumers. It ended with a pact that put off a resolution until this year's sequel.
So, what is different?