After weeks of wrangling, Congress finally passed an agreement on the fiscal cliff last night, staving off massive tax hikes that were scheduled to go into effect January 1.
The bill is a minor political victory for President Barack Obama, fulfilling, at least in part, his campaign promise to raise taxes on the wealthiest Americans. But the scaled-down agreement does little to mitigate economic threat of the debt ceiling and delays the issue of spending cuts, setting the stage for another round of budget battles in just two months.
Produced by Daniel Goodman
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