Fiscal cliff deal

Looks like it might finally get done today.

http://live.reuters.com/Event/President_Obamas_economy_speech/59972023


Details include increased income taxes for those making more than 400k, a permanent extension of the middle class tax cuts, extended unemployment benefits for a year.

al101 said:

I thought that the would pass the job off to the new congress. The "deal" will no doubt be another patch to get the country through till the end of the year.

Click to expand...

I just read an interesting bit about how the way this works out, the Democratic Senate will be able to claim they increased taxes (relative to 2012), while the Republican House will be able to claim they reduced them (relative to what would have happened in 2013) given the shift to the New Congress in a couple days. Perfect timing politically- that might be why it happened right now. Go figure.

We won't have this big an issue in a year though- some of the changes are on varying timescales with the middle class tax cuts permanent.