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"If it was a such a bad idea why did Congress pass it and Obama sign it? It wasn't even two years ago this deal was brokered."

At the time of that deal, the GOP was still suffering from ODS and were unable to even consider the remote possibility of a compromise with the White House.
Boehner & Obama were within reach of a deal with 3 trillion in cuts and 1.2 trillion in revenue increases of which 400 billion would be tax hikes on the wealthy.
It was there for the taking. Boehner simply could not sell a tax hike of any kind to a group of republicans who had signed a pledge with Grover.
Even discussing it meant a primary challenge for that republican.

If this is the 80's and RR is president, the deal gets done. We know that because RR did just that, compromise on taxes, when he needed to.
The result was near 2 decades of prosperity.

However, a party with one declared goal, make Obama a one term president, had no choice but to agree to a bad deal or be blamed for defaulting on our debt.

Today, though, I think it is different. Obama has won. It's over. He's a 2 term president, like it or not and he won't be running again.
The GOP has been humbled and even some republicans are talking compromise and , dare I say it, disobeying Grover. Bush the Elder chiming in got the ball rolling a bit.

I'm hopeful. I think a deal gets done with tax hikes but less than Obama is asking.

The market's reaction so far? Ugly, but I think it's more to do with a weak earnings season and mass strikes and riots across Europe as austerity ushers in despair and hopelessness.
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