The fiscal cliff compromise on taxes leaves a big part of the nation’s budget crisis still dangling.
Lawmakers bought a little time with a New Year’s agreement to hold income tax rates steady for 99 percent of Americans while allowing payroll taxes to go up. But they left themselves only two months to settle seemingly irreconcilable differences over how much the United States should borrow and spend and where painful budget cuts should land.
The tough, unpopular decisions are further complicated by concerns that cutting spending too quickly could damage the nation’s sluggish economic recovery.
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