Gaming out the fiscal cliff: Using the proceeds of the Bush taxcuts

FT’s James Politi has an interesting piece about how the fiscal cliff scenario is playing out in my home state of Virginia here.

But the most interesting piece of information in the article is the notion that by allowing the Bush tax cuts to expire at the beginning of January, Obama may generate all the revenues he needs to replace the  dollars cut by sequestration. Is that Congressman Bobby Scott’s idea? Or is it the Administration’s game plan?