A large portion of what politicians needed to face in fiscal cliff talks has been left for another day. While the newly struck compromise does prevent some damage to the economy, pols still need to fix a number of problems. “This is the best we could do,” says Rep. Nan Hayworth (R-New York). “This is at least a partial victory for the American people.”
A partial one at best. Each issue that lawmakers must now tackle pose a considerable risk. Even the debate over the appropriate solution will limit economic growth. Not fixing them at all, or a large delay in finding an answer, could cause severely wreck the fragile recovery. How bad is it? Well, Washington, D.C. might go completely dark.