NEW YORK The "fiscal cliff" compromise, even with all its chaos, controversy and unresolved questions, was enough to ignite the stock market on Wednesday, the first trading day of the new year. The Dow Jones industrial average careened more than 300After weeks of wrangling, Congress finally passed an agreement on the fiscal cliff last night, staving off massive tax hikes that were scheduled to go into effect January 1. The bill is a minor political victory for President BarackA negotiating process that started eighteen months ago with talk of trillions of dollars in deficit reduction ended in an agreement that will hardly reduce the deficit at all. From a historical perspective, indeed, the overall impact ofSenate Democrats and Republicans reached a deal to undo the majority of the so-called “fiscal cliff” by extending most of the Bush tax cuts while levying Clinton-era rates on households with more than $450000 in income.A negotiating process that started eighteen months ago with talk of trillions of dollars in deficit reduction ended in an agreement that will hardly reduce the deficit at all. From a historical perspective, indeed, the overall impact of
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