Andrew DuBois

Staff Writer

    A Fiscal Cliff deal has been agreed upon in Washington, however the United States did technically go over the Cliff earlier this month. Congress avoided the brunt of the expected tax increases and spending cuts by accepting a Senate sponsored compromise over the issue.

    The compromise cements Bush era tax cuts for individuals making less than $400,000 a year and couples making less than $450,000. The bill also raises taxes on those making more than those numbers every year.

    With a compromise reached in Fiscal Cliff negotiations, lawmakers will move their attention toward the impending Debt Ceiling issue. The Debt Ceiling is a term given to the amount of money the President is allowed to borrow in order to pay off our debts every year. Lawmakers in Washington typically don’t want the President to borrow more money than they allocate for him. However it becomes necessary to raise the Debt Ceiling when the President runs out of money allocated in the budget and needs to borrow more.