But with the composition of Congress largely unchanged, any tax hikes and spending cuts both will likely be far smaller than what each side might want.Read the rest here.
"The split in Congress will force both sides to bargain,” said economist Paul Ashworth of Capital Economics. “We expect the Democrats to agree to extend the Bush-era (tax cuts) for higher income earners in exchange for Republicans agreeing to put off the spending cuts."
This is so depressing. Let's play another round of kick the can!