Monday, December 31, 2012

Happy New Year and fiscal cliff

I'm watching Ryan Seacrest count down the New Year in Time Square in NYC as I read this article. We will head into 2013 with a "fiscal cliff" deal. For most of today it seemed like we weren't going to get there!
The White House said a deal had been reached to avert the “fiscal cliff” and dispatched Vice President Joe Biden to Capitol Hill late Monday, an indication lawmakers were heading toward a possible late-night vote on the proposal to avert sweeping tax hikes and spending cuts.

The major outstanding issue – how to handle the automatic spending cuts that are due to begin on Wednesday – was resolved as the White House and Republicans agreed to a two-month delay, as well as a mix of additional revenues and spending cuts intended to offset the lost savings.

The agreement would give Congress time to try to find a permanent deficit reduction solution.

Biden, walking through the Capitol to meet with Democratic senators behind closed doors, declined to answer questions shouted by reporters, but, smiling broadly, he repeatedly said, "Happy New Year.”
I haven't tuned into to this controversy unfortunately so there a lot of catching up to do on my part. Obviously, there are some fiscal issues our leaders in Washington must do in 2013. Hopefully their up to the challenge.

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