You are certainly CORRECT that this #$%$ bill, which now passed the House and so is a "done deal" will not be good overall for the economy.
It passed with mostly Democrat votes, and why not - it raises taxes and increases spending.
Obama's tax-and-spend-more extravaganza continues.
The good things - making the Bush tax rates permanent for almost all Americans,
are outwieghed by the pointless and couunterproductive rate increases, that not only will not raise revenue but will kill jobs. And worse, they put additional 'kick the can' takebaccks of previous spending cuts, with more trickery to make it fly. Smoke and mirrors is alive and well, but the deficit doesnt lie - $1 trillion or more a year for EVERY YEAR OBAMA IS IN OFFICE.
that's what's baked into the cake unless there are the kind of serious, real spending cuts that Obama will not accept.
Will the markets sell off on this? Maybe later but not now.
taking uncertainty away is always good for markets.