Thursday, December 6, 2012

Important Fiscal Cliff dates

Calendar of events in Washington over the next few months:

Mid-Nov - Jan. 2  -  "Lame-Duck" session

Late December     -  debt ceiling reached, but Treasury with use "extraordinary measures" to extend the date until Feb/Mar 2013

December 31        -  Fiscal Cliff: Bush Tax Cuts expire, 2% payroll tax cut expires, extended unemployment and "doc fix" end*

January 2, 2013    -  Sequester: A series of pre-arranged across-the-board cuts agreed to in August 2011

January 3, 2013   -  New Congress sworn in

January 21           -  Inauguration Day

Feb-March 2013  -  Debt Ceiling reached

Feb-March 2013  - Possible ratings downgrades

March 31, 2013   - Possible temporary shutdown as temporary funding expires

What does this all mean?  You better be ready for a very bumpy ride if our friends in Washington D.C. don't come to an agreement before all these events take place.  And what do you think the chances are that they actually come to an agreement?