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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.

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"The deal that we have is not good from my standpoint, but it's the best we could get," Frank said in an interview with WBUR.

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.

Mark Golden January 03, 2013 at 02:18 PM
If I waited until the last moment to do what I had YEARS to do, I would loose my job. Especially if I finally did what I had to do and in all reality, did not do anything other than extend the "problem". Being a proud liberal, I naturally feel that it was the Republicans who were at fault. But where were the Dems while we all waited for this to be taken care of? As far as I am concerned, ALL of Congress should be voted out of office when they next face election. This is for many reasons. Lack of concern for their constituents, lack of concern for their Country, OVER concern for their reelection, Inability to do their job, putting their own concerns over the needs of the country,. I could go on and on, but what is the point. Get rid of them all. Even if we elect total morons, we can't do any worse. I am old enough to remember when our elected officials actually cared about their country.and the people. WE THE PEOPLE!

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