All told, these tax changes will raise about $620 billion in new revenue over the next decade. That won't even make a small dent in the annual budget deficit. Those increases also come with no new spending cuts. Rather than reach an agreement on the automatic sequester that was set to happen on January 1, it merely delayed those cuts until late February, right about the time that a vote will be required on raising the debt ceiling.
So it's easy to see why, despite averting near disaster, no one is happy with this bill. Here are the other things it doesn't do: It doesn't actually fix the "cliff," since as we said, billions in spending cuts will still need to be negotiated in the next few weeks—or will take effect automatically without another deal. It doesn't fix the debt ceiling problem, which was one of the President's original conditions for a bargain. A failure to raise the debt limit and thereby force the Treasury into default will do way more damage to the global economy then the cliff would have. That means another showdown in a matter of weeks—one that Barack Obama vows not to back down from. (Liberals are trying not to get their hopes up on that.) - Yahoo! News
- Fiscal cliff deal: 5 things to know - CNN.com
- The fiscal-cliff fix: Winners and losers - Yahoo! News
- ‘Fiscal cliff’ deal leaves everyone bruised, but some more so than others | The Ticket - Yahoo! News
- Congress's manufactured non-solution to its manufactured fiscal cliff crisis | Heidi Moore | Comment is free | guardian.co.uk