As I have been suggesting for the last month or so the US politicians finally passed a bill that would avoid the fiscal cliff from triggering. The bill is far from a good one as many of the main issues have been pushed down the road. The core of this particular bill is focused on taxes while moving the discussion of sending cuts down the road for two months. Obama and the Democrats got mostly what they wanted... more taxes especially on the wealthy while the Republicans at least ended the day with 84% of all of the Bush era tax cuts being made permanent so this fight does not have to happen again. This is no longer the economy of Bush or the Republicans or anyone else the President can blame. With this bill Obama and the Democrats now own the economy and will have to take responsibility as to how the tax cuts and lack of spending cuts play out going forward.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.