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Polling conducted on the fiscal cliff has consistently shown that Republicans would be blamed if no deal is reached to avert the so-called “fiscal cliff.”But UBS Financial Services Director of Floor Operations Art Cashin adds a new wrinkle to that notion today: That Democrats might willingly want to go over the cliff, seeing it as an opportunity to “decimate” the Republican Party and turn it into “a modern version of the Whig Party.”
In today’s “Cashin’s Comments,” he writes:
Some advisors to the President may see going over the cliff as a huge political win. They think the public can be easily convinced that it is the Republican’s fault. They may further believe that it (if played right) would not only embarrass and weaken the Republicans; it could decimate them, turning them into modern version of the Whig party – a powerless, disappearing political force. They may see it as a multi-decade opportunity allowing the Democrats to call the tune on the national agenda as far as the eye can see.
If that’s the case, Cashin thinks House Speaker John Boehner might have only one strategy left: Come to a short-term extension on tax cuts and push back the big deadline until the end of June.
That may leave Boehner with only one strategy. That is to publically play up the importance to the nation and the nation’s future to do this right. Scrambling about with some lame duck members and holiday abbreviated session can only lead to an imperfect and maybe harmful solution. Therefore, change the deadline to June 30, 2013. As a sweetener, set a higher debt limit for review on that date. Emergency postponed.