The U.S. congress, in a precedented move has, downsized the description of proposed U.S. tax and budget cuts commonly referred to as the 'fiscal cliff'.
The $100 billion budget cuts and family income tax reductions have been significantly erased in a Christmas act of goodwill.
Republican minority senate leader Mitch McConnell met with senior Democrat officials late on Christmas Eve. 'The Congress Xmas party was the catalyst' claimed one delighted aide.
'Mitch and Barak shared a gluhwein, a game of paper, scissors, stone and a congratulatory high five'.
This all fits perfectly within the tradition and timescale of great congress climb downs and should appease market worries that have been dogging Wall Street, like a clingy ex, for months.
The elusive deal will somewhat now reduce the impact of changes due to take effect from Jan 1.
Enraged Republicans are claiming the agreement is a step back and to the left. One Whitehouse wag claimed 'This is not so much as a cliff as a small grassy mound' the reference was not lost on the Republican press office as they turned the apparent deal on its political head.
The President is now facing his own political 'grassy knoll' unless he is able to balance the U.S. trade deficit.
Obamha facing fiscal grassy knoll.
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The U.S. congress, in a precedented move has, downsized the description of proposed U.S. tax and budget cuts commonly referred to as the 'fiscal cliff'.Posted 11 months ago #
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