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We barely made it over the fiscal cliff and here's how things are shaping up. Taxes will increase for people making $400,000 or more a year and families with an income over $450,000. Bush era taxes have been extended for almost everyone else.
Middle and low income earners will still receive tax credits like the child tax credit. The bill also prevents a 27% percent cut in fees for doctors treating medicare patients.
Unemployment benefits would have expired for 400,000 Californians. The new bill extended unemployment benefits for 2 million Americans over the next year.
Milk prices would have shot up to $7 or $8 a gallon. Congress passed a temporary extension of several agriculture subsidies, including one that avoids a spike in milk prices.
Members of Congress also decided last minute to prevent a $900 pay raise for lawmakers that was due in March.
No agreement was made yet on government spending across the board. Spending from the federal government general fund impacts programs like Public transportation services, funding for special education programs in public schools, and other defense and non defense spending.
Congress plans to come to come up with a spending deal in about two months creating a new, smaller fiscal cliff.
