The agreement helps
"To the extent that this agreement averts a national recession -- and the revenue loss associated with it -- then we will have dodged a bullet," Palmer said a day after Congress reached the deal.
One immediate benefit of the agreement is about 400,000 jobless Californians will receive extended unemployment benefits. The legislation also stops a 27 percent reduction in Medicare fees paid to doctors, and keeps in place a higher child tax credit as well as tax credits for college tuition, clean energy and small businesses.
While it raises taxes on the wealthy, the deal prevents most tax increases on the middle class. All taxpayers will be subject to an additional 2 percent Social Security payroll tax because Congress allowed that tax holiday to expire.
Read more at Mercury News