President Obama yesterday announced he’s jetting off on a victory lap around Southeast Asia, despite a new government report warning the Jan. 1 fiscal cliff will plunge the US into a recession and drive the unemployment rate up to 9.1 percent.
Obama and Congress have just 52 days to reach a deal to avoid sailing off that precipice, when a devastating double whammy of tax hikes and budget cuts will rock the economy and hit just about every American.
The negotiations will be difficult. Obama signaled he’s sticking to his demand for raising taxes on the wealthy. That’s long been a nonstarter with Republicans.