So what really happened??

After all the months-long political theater about the fiscal cliff, what really happened last night?  The administration, with the consent of both Houses of Congress, raised US taxes by an estimated $603 billion, and cut spending by an estimated $12 billion.

So instead of getting $2-3 in cuts for every $1 in added revenue, or even $1 in cuts for every $1 in new revenue, Congress just gave us about 2 pennies in cuts for every $1 in new revenue.  Or put another way, with an estimated 2013 federal deficit of $1 trillion, Congress with all this political theater just reduced that by 0.000000006%.

Overall, the OMB estimates that this legislation adds about $4 trillion more the the federal debt over the next decade.

Shameful !!