The Joy of the Fiscal Cliff

We are at the 11th hour, and most of congress is still on vacation. The Republican speaker-of-the House, John Boehner, failed to get his party to support his “Plan B,” an outline consisting of revenue increases that were too small for the Democrats and way too big for Congressional Republicans. Both sides are sticking to their guns, and every minute it seems less and less likely that anyone can get a deficit reduction deal passed before the Jan 1st deadline.