Assuming the House agrees to what the Senate voted on last night, then the Bush-era tax cuts will be made permanent for almost all Americans. Only those with incomes of $400K and up will see an income tax increase.
But the other half of the Fiscal Cliff, the sequester (the mandatorys pending cuts agreed to in the debt ceiling fight) has only been delayed, giving DC more time to fight over it.
That means we’ve already scheduled a new Fiscal Cliff, and the bill agreed to last night has the date: March 1, 2013 (exactly two months from today). This is from page 154 of the bill (HT: @jesse_livermore)
What will be interesting timing-wise is when the Treasury says we will hit the hard debt ceiling.
The next two months will be non-stop debt ceiling/sequester, and it will all come to a head in late February/early March.
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