Actually, I've always thought it was a faux cliff and more of a political way-point. But we've survived the first few hours of the new political year without the market tanking. Of course the USA is still on track for bankruptcy but at least the current batch of politicians once again successfully avoided making any truly difficult decisions!
The only good news in this deal is that the tax rates are now as permanent as they can ever get since today's congress can't bind future congresses to anything. Certainty is usually better than uncertainty as far as taxes go. And that's all I've got to say about that.
It is amazing that "the Bush tax cuts" are now permanent.
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