Losing the fig leaf

Support from CAP was critical to “grand bargain” credibility, so it’s great news that they’re walking away:

WASHINGTON — The Center for American Progress, a pillar of the Democratic establishment in Washington is walking away from the broad negotiations aimed at reaching a “grand bargain,” the pursuit of a deficit-reduction deal that has dominated the political agenda since mid-2010.

The idea of a grand bargain had little backing from organized labor and the progressive flank to begin with, but maintained institutional support from establishment forces in the party. CAP’s exit from the stage sends a powerful signal to the White House, leaving the president to craft a deal largely on his own, should he continue to pursue it.

The move has been in the works for some time, say senior CAP officials, and emerged publicly Wednesday in the form of a report by Michael Linden, the center’s managing director for economic policy.

“It’s time we reset economic policy in Washington to focus on growth instead of deficit reduction,” CAP President Neera Tanden told HuffPost.

Via Karin Porter.