Breakdown: What's Really in the Fiscal Cliff Deal?
Fox News Digital Politics Editor Chris Stirewalt broke down the details of the fiscal cliff bill passed by Congress last night. The deal includes $620 billion in new tax hikes and $15 billion in spending cuts. Further broken down, that means $41 in taxes for every $1 in cuts.
According to the Congressional Budget Office, the debt deal also adds nearly $4 trillion to federal deficits over the next decade.
Stirewalt warned that these negotiations were indicative of the way President Obama will handle his second term in office. He said that the president was clearly willing to “take this up to the wall” in order to get everything he wanted in the deal, and he did.
According to Stirewalt, Republicans need to be aware that as they go forward into Obama’s second-term, “he’s taking them to the wall every time.”
Shockingly, the deal included $430 million in tax benefits for Hollywood producers. Given that Hollywood is a such a friend to Democrats, this move didn’t come as much of a surprise to Stirewalt, who said that when laws are constructed in such a hurried fashion, there’s a lot of room to stick things in for one’s political friends.