Today's Coming Crisis Movie

Wednesday, January 2, 2013

America avoids fiscal cliff disaster - but for how long?

So the US fiscal cliff has been avoided - or rather, postponed for a couple of months after a last-ditch deal was clinched in Washington. Global share prices have already rallied on the news that this is not to be a story of financial calamity.

But instead, there's a story to be told of what happened to a party which publicly pledged never to vote for tax rises; a leader accused of running a "dictatorship" and being more interested in his own job than the long term needs of the country, and another party whose bitter infighting meant a deal that so many found unacceptable finally got approved.