Onward to the next
fiscal crisis. Actually, several of them, potentially. The New Year's
Day deal averting the "fiscal cliff" lays the groundwork for more
combustible struggles in Washington over taxes, spending and debt in the
next few months.
President Barack Obama's
victory on taxes this week was the second, grudging round of piecemeal
successes in as many years in chipping away at the nation's mountainous
deficits. Despite the length and intensity of the debate, the deal to
raise the top income tax rate on families earning over $450,000 a year -
about 1 percent of households - and including only $12 billion in
spending cuts turned out to be a relatively easy vote for many. This was
particularly so because the alternative was to raise taxes on everyone.
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