Congress broke a rancorous stalemate Tuesday to pass legislation designed to avert the so-called fiscal cliff. But the compromise bill, which blocked most impending tax increases and postponed spending cuts largely by raising taxes on upper-income Americans, left a host of issues unresolved and guaranteed continued budget clashes between the parties. …
In two months, the delayed $110 billion in spending cuts will again kick in. At the same time, the U.S. will face the need to increase its borrowing limit, a change that can only be made by Congress.
Why would you expect anything else?
FYI, there were about 140 million tax returns filed which means the top one percent which the legislation targets, or roughly 1.4 million filers, are asked to bear the burden that the rest of us shirk.