New York (CNNMoney) – Congress narrowly avoided pushing the country off the fiscal cliff. But it has done nothing to address the next and potentially bigger risk to the economy: the need to raise the debt ceiling.
To help separate fact from fiction in the battle, here's what you need to know about the issue.
FULL STORY(CNNMoney) - What if the threat of a voluntary default by the United States could be erased by simply turning one tiny scrap of platinum into a coin?
That's right. No debt ceiling problem. No bickering in Congress. No market jitters. The only thing needed is for the Treasury Department to mint a platinum coin with a face value of $1 trillion.
New York (CNNMoney) – More than three in four Americans will pay higher taxes for 2013, thanks to the fiscal cliff deal passed in Congress on New Year's Day.
Over 77% of filers will pay more, according to the Tax Policy Center. The average increase is expected to be $1,257, but that figure belies the wide disparity in impact. Those making less than $10,000 a year will pay $68 more in federal taxes, on average, while those making between $50,000 and $75,000 will see an $822 jump. Wealthy filers with incomes of $1 million or more will see a $170,341 spike, on average.
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Hong Kong (CNNMoney) - International markets opened for business Wednesday as lawmakers in the United States raced to complete legislation that would mute much but not all of the fiscal cliff.
The Senate passed a compromise measure Tuesday that would extend the Bush-era tax cuts for the vast majority of Americans and spare tens of millions from the Alternative Minimum Tax.
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New York (CNNMoney) - The rich would see a much bigger tax bill under the fiscal cliff deal that passed the Senate early Tuesday morning, but even they would get some nice breaks.
Those making a million and up would pay $122,560 more in federal taxes, on average, according to new estimates by the Tax Policy Center. That means this group, which includes those bringing home many millions of dollars, would see a 5.7% drop in after-tax income.
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New York (CNNMoney) – The fiscal cliff deal passed by the Senate Tuesday morning would increase deficits over the next decade by close to $4 trillion, according to the Congressional Budget Office.
But that's relative to where deficits would otherwise be if Congress were to let all the Bush tax cuts expire and keep much if not all of the other tax hikes and spending cuts under the fiscal cliff in place. Under that scenario, only $2.88 trillion would be added to the debt over the next decade.
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New York (CNNMoney) – It's official: U.S. debt will reach its legal borrowing limit on Monday, giving Congress about two months before it must raise the debt ceiling or risk causing the government to default on its bills and financial obligations.
"I can confirm we will reach the statutory debt limit today, Dec. 31," a Treasury Department official said.
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New York (CNNMoney) - Can the stock market shake off yet another punt by Congress? It just might.
For weeks, many have worried that no resolution to the fiscal cliff would lead to the kind of brutal sell-off that followed the voting down of the TARP bailout and the downgrade of America's credit rating.
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New York (CNNMoney) – It's not the end of the world - literally or for the fiscal cliff talks - but the latest signs of gridlock on Washington have struck fear into investors.
Lawmakers in the House failed to support the so-called "Plan B", a proposal backed by House Speaker John Boehner, late Thursday. The White House had already threatened to veto that plan, saying it would bring only "minimal" changes in projected budget deficits, but its failure underscored the lack of progress on Capitol Hill as the cliff draws nearer.
FULL STORYNew York (CNNMoney) - Budget experts in Washington have seen lots of "big" fiscal deals over the years that end up resulting in far less than advertised.
So they are watching closely to see what kind of a deal the White House and Congress make to avert the fiscal cliff.
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