Fiscal this, fiscal cliff.

Courtesy of cbs.com

At midnight, not only did the year change, but the anticipated fiscal cliff was supposed to implemented.

For those of you who are unfamiliar with the term "fiscal cliff", its the 2011 Budget Control Act going into effect. Which means,

"The end of 2011's temporary payroll tax cuts (resulting in a 2% tax increase for workers), the end of certain tax breaks for businesses, shifts in the alternative minimum tax that would take a larger bite, a rollback of the "Bush tax cuts" from 2001-2003, and the beginning of taxes related to President Obama’s health care law. At the same time, the spending cuts agreed upon as part of the debt ceiling deal of 2011 will begin to go into effect. "

However, according to the New York Times, three hours before the midnight deadline, The Senate conjured up "a deal" that would turn away the fiscal cliff. What does this mean? For more information, visit Article, for an article courtesy of The New York Times.