Zoom out a little. Think of this latest skirmish, that ended tonight, as part of an endgame to a thirty years' fiscal war in American politics. Reagan began it, by betting that slashing taxes would spur growth; he was right and wrong. Growth really did happen in the 1980s; but he bequeathed a debt that is with us today, and that he tried only fitfully to fix on his watch. The early 1990s saw the country draw down that deficit, by continuing Reagan's tax hikes under Bush I and then Clinton, and thanks to a peace dividend. Clinton's eventual surplus was, alas, more mirage than reality, for it hadn't solved the long-term entitlement problem or the healthcare cost problem, and was inflated by the tech bubble. Bush II comes in and wreaks havoc. He doubles down on Reagan on taxes and declares that deficits don't matter, while adding one major new entitlement, two massively expensive wars and throws in a financial collapse as a goodbye present. The result of all this was a recession that helped metastasize the debt even further. This was what Obama inherited.