Evan Bayh Audio on Bloomberg Surveillance: "The President's been reelected, he can stand up to his base a little more." [and more pronouncements on 'the Fiscal Cliff']
Here's an audio clip with a transcript of the most salient points from the Bloomberg TV program, Surveillance,with Host Tom Keene, that describes what the "framework" of a Grand Bargain (struck in the Lame Duck Session) will look like.
The "interviewee" is former Indiana Senator, Evan Bayh. He is one of the founders of the "centrist" organization "No Labels."
Please see the transcript below, for the most salient points.
Bayh: So, I think that the chances are pretty good that by the end of the year, the cliff will not be solved in its entirety, but that a framework for dealing with it, the ratio of spending cut and entitlement reform savings versus new revenue, and a rough idea of how that will come about, will be announced, with probably some low-hanging fruit being picked (cut in the CPI-Index for Social Security, and other federal transfer programs--my words) to pay for the next five or six months, while they're finalizing the deal.
And that the hard deadline then will be postponed, let's pick a date, to around June 30 . With the real consequences, once again, if that date is not met.
And the reason that I'm so optimistic, just briefly, that the President has been reelected. He can stand up to his base a little bit more . ... I'm modestly optimistic ... that we're going to get this done.
Keene: Can the markets move 'to give the politicians a cover' to make tough decisions? ...
Bayh: Oh, absolutely....
Looks like we're sunk, folks.
[Hat Tip To Mr. Alexa For Finding This Audio Clip]