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It now seems pretty likely that the immediate fiscal cliff will not happen and some sort of a little now and something real maybe later is what will happen. Translation, they will agree some revenue (tax increase) raise will happen. Likely a raise in rates for those making over $1 million, plus a cap on deductions for those making over $250,000. A sop to Obama. Then there will be a few immediate reductions in spending along the lines Obama and Boehner  agreed last summer and a series of committees to work on overall tax reform, entitlement reform and one for deficit reduction. Of course we already have Simpson Bowels, Rivlin Domenici, the Gang Of Six, all having devised plans that work to one degree or another. Simpson seems to be the favored basis, so maybe they will take that and rework parts of it. Bottom line is nothing will really get resolved, and we will have more blather for six months and more uncertainty as to what taxes and entitlement reform might look like. In short, nothing will get done that really matters to us for quite awhile.

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