Fiscal Cliff Averted — For Now

Most observers are panning the fiscal cliff deal for failing to make a dent in the burgeoning federal deficit. An increase in income taxes was avoided for 99 percent of American households, but the deal did not establish any major cutbacks in federal spending. The president indicated he was open to more deficit reduction talks and those talks will need to start right away as Congress must now begin to consider whether to raise the debt ceiling limit. Click here for an article from The Economist that offers a brief summary.

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