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Monday, December 31, 2012

We are going over the cliff. So what?

Update: There are some Washington reporters who are saying there's still a chance the House might vote tonight, though nothing is scheduled. Maybe the only thing it will mean is that tonight you are technically voting for a tax increase on upper-income earners while tomorrow you are technically voting for a tax cut on everyone except those upper-income earners?

Earlier: Multiple media outlets are reporting that there will be no vote in the House tonight on the developing fiscal cliff plan - though there might be one in the Senate - meaning taxes will technically go up on everyone at midnight.

What does that mean in the long run? If this deal comes together tomorrow or the next day, not much, at least when it comes to this round of craziness. But given the state of things, I'm sure Congress - and the rest of us - will find ample reason to continue jumping from political crisis to political crisis.

What does the fiscal cliff mean for you? Unless you are retired or poor, something bad


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