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The political repercussions of the fiscal cliff deal

by Take Two®

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US President Barack Obama delivers a statement late January 1, 2013 at the White House in Washington DC. Obama said he had fulfilled a campaign promise to make the US tax system fairer with a deal to avert the fiscal cliff crisis that passed after a fierce duel in Congress. At left is US Vice President Joe Biden. CHRIS KLEPONIS/AFP/Getty Images

It seems that the dreaded tumble over the fiscal cliff was avoided. Though the House didn't vote until after the Monday deadline, but there is a deal. It avoids cuts to defense and other programs, and prevents an income tax increase for all but the richest Americans, but it's still a short-term deal.

RELATED: It's not over: Big budget battles ahead even after 'fiscal cliff' deal

Joining us with more on the political repercussions and the next round of fiscal crises, Molly Ball, political reporter for The Atlantic. 

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