A huge debt remains
Clearly, President Barack Obama and his supporters in Congress won the public relations battle over the “fiscal cliff.” Legislation approved on New Year’s Day gave the president most of what he wanted, including tax increases.
Compare that to the annual budget deficit, which is expected to top $1 trillion for the fourth time in a row. Tax increases sought by Obama and approved by Congress will eliminate less than 7 percent of the deficit. But on Jan. 1, virtually nothing was done to deal with that.