First, the partisan divide will grow markedly. No longer will the parties be able to balance their differing policy goals; low taxes, a strong military, generous social-welfare benefits, and a small deficit will become incompatible. Congressional Republicans will no longer be able to vote again and again to increase Social Security payments; no longer will Democratic presidents cut taxes for capital owners. Something will have to give.

Sooner or later, America’s bondholders are going to demand a serious deficit-reduction plan. When that day comes, Democrats will demand higher taxes to keep social-welfare benefits constant, and Republicans will insist on reforming social-welfare programs to keep taxes low. There will also be sharp disagreements over the level of military spending (with Democrats calling for substantially deeper cuts than the GOP will ever allow), as well as disputes about domestic discretionary spending (with the GOP similarly demanding greater cuts than the Democrats will ever accept). As each fiscal proposal attacks some sacred cow of the left or the right, Democrats and Republicans will eschew grand compromises and ratchet up the partisan rhetoric.

Indeed, the gridlock of the current Congress over budgeting is a preview of what is to come. Quite simply, the two sides have not reached a grand bargain because no such bargain between them is possible. It should therefore come as no surprise that President Obama and Speaker Boehner have all but stopped speaking to each other, both having resolved instead to take the question to the voters at the end of the year.