January 26, 2013 5:00 PM

Grand bargain requires health reform

The grand bargain is the elusive comprehensive solution that allows both economic growth in the short run and a path to long-run fiscal discipline; jobs today and a balanced budget 10 years from now. It is elusive because we appear to be able to get there only in a piecemeal fashion. Quantitatively, the grand bargain is the $4 trillion debt containment package with a ratio of 3 to 1 spending cuts to tax increases.

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