And remembering the bill to avoid the sequester at the end of the “fiscal cliff”, Democrats got their tax increases and Republicans got stuck with the Sequester deal anyhow;
American Taxpayer Relief Act of 2012
http://en.wikipedia.org/wiki/American_Taxpayer_Relief_Act_of_2012
United States fiscal cliff
http://en.wikipedia.org/wiki/United_States_fiscal_cliff
Let’s look at this in depth;
United States fiscal cliff
http://en.wikipedia.org/wiki/United_States_fiscal_cliff
The fiscal cliff would increase tax rates and decrease government spending through sequestration, and lead to an operating deficit (the amount by which government spending exceeds its revenue) which was projected to be reduced by roughly half in 2013.
The Congressional Budget Office (CBO) had estimated that the fiscal cliff would have likely led to a mild recession with higher unemployment in 2013, followed by strengthening in the labor market with increased economic growth.