Seriously? Does anyone (other than partisan Democrats) really feel that our government can move forward without some form of spending cuts?
According to the CBO the bill will add to our debt, not lower it.. and not by a trivial amount. According to their calculations, the bill adds nearly $400 billion in debt per year.
According to the Congressional Budget office, the package would add $3.6 trillion in red ink to the national balance sheet over 10 years, using current law (assuming everything expires as current law is now written) as the baseline.
More alarming is that the majority of the "new revenue" will not come from raising taxes on the "rich" as only 0.7% of households will be effected by raising the top tax rate by a little more than 4%. Where the "new revenue:" comes from will be from a nearly across the board 2% increase in our payroll taxes... an increase that effects 77% of all households.
Bottom line is that this entire fiscal cliff deal was about politics. It was about who was going to take the blame if the automatic tax increases and spending cuts were enacted. It was about the rank and file GOP being more worried about politics than standing by their principles. There is no way that any sort of agreement should have taken place that did not spell out spending cuts that at least match the increased revenue. There isn't a poll out there that suggests this (all revenue and no cuts) was what the public wanted.
We all should know by now that President Obama is no Bill Clinton. He has no intention of lowering the deficit as it runs contrary to his goal of expanding and increasing Government as a whole. Anyone who voted for him and didn't realize that they were voting for larger Government funded by larger deficits, simply wasn't paying attention, or engaging in a bit of cognitive dissonance. The only thing stopping him from doing so was a GOP House. Apparently they are too weak and ineffective to do so.