Kevin Drum points out that, even if the Senate bill becomes law, “the fiscal cliff is far from over”:
[N]egotiators punted over the debt ceiling and the sequestration cuts. That’s the $1.2 trillion in automatic spending cuts that emerged from the 2011 debt deiling debacle, split evenly between domestic programs and defense programs. Congress now has two months to hammer out a deal on that front, and Obama held a press conference yesterday warning Republicans that he wouldn’t accept a deal that was all spending cuts and no revenue increases. If this sounds like the exact same thing they’ve been fighting over for the past year, give yourself an A.
So as soon as Part 1 of the fiscal cliff deal is safely signed and in the history books, we’re going to have the same, dreary argument all over again. Call it Fiscal Cliff 2: The Dogfight in the District Continues.