Even though there is less fanfare this time around, our country once again faces a self-imposed economic ultimatum, dramatically named the fiscal cliff. The cliff would end certain tax breaks and initiate massive spending cuts originally slated to take place at the end of 2012. Without congressional action, up to hundreds of billions of dollars in expiring tax cuts, new taxes and automatic spending cuts could be lost. Although these measures would reduce the deficit, enacting them simultaneously would be harmful to the economy overall and would likely send the United States spiraling back into a recession. Lawmakers cut a last-minute deal on Jan. 1, which postponed the bulk of the decision-making to a later date. Their deal only included tax increases, and left spending decisions to be made before a new ultimatum — this Friday.

For all the hype surrounding the March 1 deadline, what goes undermentioned by politicians and the media alike is that the fiscal cliff is an artificial construct that does little to foster compromise. The idea is that when faced with such drastic cuts to the budget, both parties will work to find common ground in order to save the economy. What actually happens is that each side sits and waits to see who will receive the blame. Once the public has decided, that side then gives a little ground and a deal is made to postpone the cliff once more.

The most disturbing aspect of this outrageous, often irresponsible debate is the relative ease with which a true compromise could be struck. As we have seen through the course of the negotiations, President Obama’s administration refuses to give up increased government revenue in the form of higher effective tax rates for the wealthiest of Americans, and congressional Republicans have insisted that spending cuts must be an integral part of any bargain.

What is lost in this bitter, partisan duel is the notion that the two negotiating parties’ proposals are not mutually exclusive. Nearly all independent economists have affirmed that a balanced approach, which includes both spending cuts and tax revenue, is the best prescription for our economic ailment. However, when either or both parties decide to hold the entire process hostage, whether for substantive concerns or political points, the American and global economies suffer greatly. American politicians must heed the voices of their constituents who are demanding a resolution to the crisis and accept that a real compromise is one that satisfies nobody.

A version of this article appeared in the Monday, Feb. 25 print edition. Email the WSN Editorial Board at [email protected].