Yesterday evening we reported the details of House Republicans’ “fiscal cliff” compromise offer to the White House, which offered real ideological concessions, to the tune of $800 Billion in new revenues. The plan — originally conceived last year by the Democratic co-chairman of the debt commission, Erskine Bowles — also calls for the reduction of both discretionary and mandatory spending, making needed (albeit small-ball) reforms to the largest drivers of our debt. Unlike the president’s risible, widely-panned proposal last week, Republicans’ new negotiating posture offers genuine compromise: (a) It has bipartisan origins, (b) it achieves “balance,” (c) it raises revenues commensurate with the Senate bill, and (d) it seeks sacrifice from both sides of the aisle.