On New Year’s Day, Congress approved legislation (H.R. 8) to address the year-end tax hikes and spending cuts known as the “fiscal cliff.” The measure passed the U.S. House of Representatives late on January 1 after the U.S. Senate had approved it overwhelmingly earlier that same day. The measure will now go to the White House to be signed by President Obama.
While the passage of this measure will temporarily avert and delay various elements of the fiscal cliff, counties will continue to be confronted with significant negative risks associated with the many aspects of the fiscal cliff that would adversely impact their budgets and the millions of people and local communities they serve.
NACo has just released a legislative brief with a summary and highlights of the fiscal-cliff deal, with particular focus on issues of importance to counties. Click here to view the full report.