A presidency heading for a fiscal train wreck
The result will soon be the worst of all worlds: neither short-term stimulus nor medium-term fiscal sustainability. Fiscally the only light at the end of the tunnel may be that which causes the upcoming crisis. With two years of gridlock in prospect, it will fall to the next president in 2013 â€“ whoever he or she may be â€“ to start fixing Americaâ€™s fiscal mess. Whether that is Mr Obama or not, that he may leave this challenge may become the worst of his legacy.