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Jan-02-2013 11:21printcommentsVideo

Avoiding a Fiscal Cliff

A temporary deal sees stock values surge.

U.S. President Barack Obama
U.S. President Barack Obama

(WASHINGTON DC) - U.S. President Barack Obama reached an agreement with Republicans and Democrats in Congress on the "fiscal cliff" that prevents a tax hike on 98 percent of Americans and 97 percent of small businesses, while fulfilling the President's promise to ask the wealthiest Americans to begin to pay their fair share to reduce the deficit.

However as reported by The New York Times, this was just the first of several congressional fiscal cliff-hangers.

As one congressionally-induced crisis is surmounted, at least 3 more remain.

The next one comes in late February or March, when Congress will have no choice but to raise the $16.4 trillion debt ceiling or default on the nation’s loans.

Treasury Secretary Tim Geithner stated that the country could avoid immediate default through some “extraordinary” accounting measures.

NBC reports that for all of its chaos and controversy, the "fiscal cliff" compromise sent the stock market shooting higher Wednesday, the first trading day of the new year.

In fact, the major U.S. stock indexes all swelled by at least 2 percent. The Dow Jones industrial average is up 263 points - the biggest surge in six months.

Stocks elsewhere in the world also leapt higher. Major indexes in Britain, France and Germany rose more than 2 percent, and Greece and Spain were up by more than 3 percent. Stocks in Asia also surged.

Sources:

nydailynews.com/news/politics/cliff-crossed-congress-faces-new-fiscal-crises-article-1.1231507#ixzz2GqYPKxkq

http://www.nbcnews.com/business/stocks-skyrocket-after-fiscal-cliff-compromise-1C7755880

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Anonymous January 3, 2013 9:19 pm (Pacific time)

Everyone is getting hit, including the middle class. And why the American people struggle to bring food on the table, make their house payments and trying to get a new job, our beloved dictator in chief is.....that's right, on vacation in Hawaii. Courtesy of the tax payer, 4 million dollars so far. But don't worry, the dictator deserves a vacation, he is working so hard in spending our money. And off course he had to give a big pay raise to his fellow criminals. Did you know that the bill contains more pork than anything? Did you know that our beloved law makers did not even read the bill? Did you know that our beloved law markers got the bill 3.minutes before the vote? I am so honored to live in the most corrupted and criminal United Social State of America


Anonymous January 2, 2013 4:02 pm (Pacific time)

Majority of small businesses, not the 97% bs will be hurt. Soon you will see just what Obama's handlers have brought to America. Good luck with advertising revenue and donations to this site. It will be drying up. The average worker will see about $1,000 less from SS going up and the small businesses who create 2/3's of the jobs will be cutting back and the hyper inflation everyone fears is exactly what the zionists have been trying to produce. Canada will be hurt even worse than us. It's coming folks, but not to worry Obama is back in the 50th state playing golf. He did not sign the recently passed bill, so autopen, or someone flies it to him?

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