Here is a quick summary from the Wall Street Journal of what the U.S. Federal Debt looks like now that we have avoided, at least for now, the fiscal cliff. As you will see, we didn’t do much to balance the budget. In the short run, that is ok. Too much balancing, too quickly, and we will be inviting a major recessionary relapse. But long run? We have lots of work to do, and fingers crossed that the two parties find a way to come up with a smart combination of spending cuts and revenue enhancement that will change the way this picture looks!
