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Do You Like the Fiscal Cliff Deal?

The agreement reached between the White House and Congress doesn't address spending cuts and leaves another potential debt limit showdown on the table. It also increases taxes on income over $400,000. Is this a deal that works for you?

After a marathon holiday negotiation session, after grumbling by liberal senators and after a near-revolt by conservative representatives, the fiscal cliff deal was approved by the House of Representatives late Tuesday night. 

The bargain will increase taxes on income above $450,000 for families, increase capital gains taxes, permanently fix the alternative minimum tax, change the estate tax and provide some changes in deductions. It also will extend unemployment benefits, earned income tax credits and other tax breaks for the working class. The Washington Post has a cheat sheet with all of the details.

Middle class taxpayers will still see a smaller paycheck in 2013; The payroll tax cut was not preserved as part of the fiscal cliff deal. That tax specifically pays into Social Security. If you make $50,000 a year, the payroll tax increase will cost you about $1,000. That has some liberal economists upset with the deal.

The entire Massachusetts delegation in Congress — including lone Republican Scott Brown — voted for the deal.

What do you think? Did the president give away the store by moving the top bracket tax increase from $250,000 to $450,000? Did House Republicans lose out by pushing spending cuts down the road by two months? Or is the sort of compromise you were waiting for? Tell us your thoughts in the comments section below.

windpower January 03, 2013 at 12:56 PM
Shameful ,they all should quit
Bill January 03, 2013 at 07:17 PM
Of course not, more taxes, tax breaks for Dem contributors and no cuts. Horrible. BUT - now rates are permanent for everyone under 450K and Obama gave away all leverage. I hope the automatic cuts happen on March 1. Fears of the military cuts are overstated.
John Merrett January 15, 2013 at 11:03 PM
(SALEM) – Today, Tea Party Patriots, the nation’s largest tea party organization, responded to President Obama’s press conference on the debt ceiling. “Our President rails against not paying our debts as a country, but refuses again and again to take any meaningful steps to reduce our debts—such as cutting spending,” said Ken Novack of the Salem Tea Party. “It is the President who is holding our economy hostage to his vision of spending more now regardless of the consequences. It is the President whose deadbeat policies handicap our economy and stunt growth. It is the President and his Party who pass deadline after deadline without passing a budget so that the American people can review and analyze it. “Every dollar increase in the debt ceiling is another dollar stolen from our children and from young people who aren’t even old enough to vote. We must stop splurging on ourselves and sending our children the bill. Deadbeats and addicts ensure they get their own ‘fix’ and leave their children to waste away. A government addicted to spending cannot long last without overdosing and going bankrupt. We need to stage an intervention to change our government’s spending habits, and we need it now. ”Tea Party Patriots is a national grassroots coalition with more than 3,400 locally organized chapters and more than 15 million supporters nationwide. Tea Party Patriots is a non-profit, non-partisan organization dedicated to promoting

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