THE DISAGREEMENTS ARE JUST TRIBAL:

Popular opinions on the bill generally fall into two camps: One seeing it as a package of deleterious tax hikes, and one seeing it as a win-win of output-boosting spending and deficit reduction. We think both positions are overly extreme and see the whole package as largely benign. Not because its provisions are inherently fine, but because it has zero surprises. Everything in it has been discussed to death for a year or more, and the final package is watered-down greatly from initial proposals, as we wrote in late July. Plus, simply passing the thing would end uncertainty over what will change, enabling markets to move on. The combination of less-sweeping-than-expected legislation and falling uncertainty should be a tailwind.

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