Fiscal Cliff: A Dab of Neosporin on the Gangrene

That ought to hold it long enough for the the next set of Drs. to deal with

The bill will indeed shield millions of middle-class taxpayers from tax increases set to take effect this month. But it also will let rates rise on wages and investment profits for households pulling in more than $450,000 a year, marking the first time in more than two decades that a broad tax increase has been approved with GOP support.

The measure also will keep benefits flowing to 2 million unemployed workers on the verge of losing their federal checks. And it will delay for two months automatic cuts to the Pentagon and other agencies that had been set to take effect Wednesday.

Many economists had warned that the scheduled tax increases and spending cuts would have plunged the economy back into recession.

IIRC Reagan and Paul Volcker killed inflation by raising the interest rates and putting the country into recession.  As someone who remembers 13.5% annual inflation, it was worth it.

Conservatives complained bitterly that the legislation would raise taxes without making any significant cuts in government spending. For much of the day, the measure appeared headed for defeat as Boehner contemplated tacking on billions in spending cuts, a move that would have derailed a compromise that the White House and Senate leaders had carefully crafted.

In the end, GOP lawmakers decided not to take a gamble that could force the nation to face historic tax increases for virtually every American — and leave House Republicans to take the blame.

Such a deal! $41 in tax increases each $1 of spending cuts! At that rate they should have the deficit eliminated by, well, never.

Incidentally, the Eisenhower tax cuts survived:

Celebrities flocked to Obama and the industry poured millions into his campaign. Payday comes in the form of an extension of the Special Expensing Rules which allow Hollywood productions to deduct 15 to 20 million dollars. That’s pretty generous considering that companies that manufacture medical devices are being hit with a tax. But who really needs pacemakers anyway when you’ve got Hollywood?