What the fiscal cliff didn’t solve

As Congress passed the New Year's Day fiscal cliff deal, almost nobody on either side of the political divide is happy with it. The bill managed to avert the double whammy of sharp tax increases and public spending that some feared would send the U.S. economy into a snap recession. But that is about all. The deal does not address the payroll tax, lowering the deficit, or any of the spending cuts that are still needed as the government heads to an inevitable debt ceiling showdown.