At around 05:01 today the US officially went off the fiscal cliff.
Ok technically it's more of a sharp fiscal incline however until a deal is done 2 million Americans will see their unemployment benefits stop, purchasing orders throughout the federal government will be rejected, Medicare doctors will stop being paid and everyone's going to have to pay their accountant that little bit extra to deal with fluctuating income tax rates.
Fortunately at around 07:00 the Senate passed by a margin of around 80 votes a bill that will see the tax cuts for households earning under $450,000 continued and all those cuts to defence spending deferred for the next two months.
Unfortunately that bill has now gone to Republican controlled House of Representatives who are currently refusing to even vote on passing the bill into law.While I'll agree that seeing the world's financial markets re-open following the New Years break with this uncertainty hanging over their heads will be absolutely hilarious I can't help but feel that driving the US economy back into recession in order to achieve this might be something of a Pyrrhic victory.
Oh who am I kidding the Republicans know exactly what they're doing. Acting like something of fifth column trying to destroy the US from within. Hell I'm pretty sure it was just after the recent election that even Texas starting circulating a petition saying they didn't want their Tea Party nutters involved in this debate.
23:30 on 1/1/13.
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