POLITICS
12/31/2012 08:52 am ET

Obama's Caving On Taxes Raises Questions About His Second Term Agenda

President Barack Obama pauses while he speaks to reporters in the Brady Press Briefing Room at the White House in Washington
President Barack Obama pauses while he speaks to reporters in the Brady Press Briefing Room at the White House in Washington after meeting with Congressional leaders regarding the fiscal cliff, Friday, Dec. 28, 2012. (AP Photo/Charles Dharapak)

The discouraging thing about the "fiscal cliff" negotiations is not that they have gone into the eleventh hour, or that they may go into the new year, or even that they won't resolve the long-term budget deficit.

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