The End Is Coming: January 1, 2013 - Businessweek
Jan. 1, 2013, seemed a long way off in the Chicken Summer of 2011. That’s when Congress reached a deal that ended, or rather postponed, the debt-ceiling crisis by declaring that automatic cuts in federal spending would be triggered at the beginning of 2013, unless a bipartisan supercommittee came up with a sweeping plan for reducing the deficit. (Predictably, it didn’t.) Even last August some House Democrats worried that their party had given away too much. Emanuel Cleaver of Kansas City, Mo. called the debt deal a “sugar-coated Satan sandwich.” Steve Cohen of Tennessee was even more imaginative. “I fear it’s a Trojan horse,” he said in floor debate on Aug. 1. “And if you look inside that Trojan horse, it’s Scylla and Charybdis inside, the whirlpools and the shoals.”
