Helpful interactive infographic from the Washington Post.
After months of debate and compromise between President Obama and congressional leaders, a measure that extends tax cuts enacted by George W. Bush, introduces new tax incentives and extends jobless benefits cleared the House and Senate and was signed by the president. Under the deal, most Americans will pay lower taxes next year.
---
My thoughts in more detail are here...
It's an $858 billion, 2-year pop to the deficit, mostly from the tax cuts not expiring. You want tax cuts? Then cut spending. Make the Pentagon war machine your first target. The deficit is completely out of control, the national debt just hit $14 trillion, and borrowing costs are headed higher. The Helicopter was grounded after the deal was announced, as the blades were straight busted. Bond vigilantes went nuts. Treasuries were annihilated. Russia, China and Japan were likely heavy sellers. B-52 noticed and freaked out silently for hours in his secret room at the Fed, where he keeps the chronic for the really bad moments. Think about it. Everything Bernanke had gained from QE2 in terms of lower rates was wiped away in 4 short days.
Who is the Ben Ber-Nank to think he can predict the sovereign debt tipping point. It'll just appear one day, and he'll be rightly screwed. Ask Greece, Portugal, and Spain if they saw it coming. Yeah, we print our own money. So what. The world is already on Zimbabwe watch and Ben shot his load last month. My mom is on Zimbabwe watch, for chrissakes. She's 71 and paying attention because of all the money printing she's been hearing about during commercials for Dancing With Palin. Wise up fools, $100 billion per month of Treasury suckage won't do jack against pissed-off bond vigilantes. When they're done pounding the Eurozone, we're the next target. Bernanke and his legacy will be swept away by an avalanche of selling, leaving him 30 feet under, with his helicopter out of commish, buried next to his 'I am not a money-printer' ass.