Fiscal cliff compromise signals trouble

When push came to shove, Republicans and Democrats came together for a last-minute bi-partisan compromise on the so-called fiscal cliff, a combination of automatic spending cuts and tax increases that would have plunged the nation back into recession. The deal passed the Senate overwhelmingly after marathon negotiations between Minority Leader Mitch McConnell and Vice President Joe Biden. Just eight senators voted against it, and although it technically came after the midnight deadline, the New Year's holiday afforded Congress the chance to finalize the deal before the markets — or the general public — had time to react. House Republicans balked at the deal, but as of last night, House Speaker John Boehner planned to bring the Senate bill up for a vote, and it appeared possible that it could pass on the strength of most Democrats and some Republicans.

January 1, 2013