For those waking up this morning (January 2) wondering if the House passed the Senate bill, the answer is yes, they did. Thus, the country goes over the tax portion of the fiscal cliff, albeit a lower cliff than it was a few days ago.
Other fiscal cliffs remain – the debt ceiling cliff is coming in a month or two, the sequester cliff in March (the current bill puts off the automatic sequester cuts for two months), the farm bill cliff in September, and the expiration of jobless benefits in December. So the spectacle continues.
Details on the new law to follow later.