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Jan 03

NACo Releases New Analysis on Fiscal Cliff Deal

Posted on January 3, 2013 at 12:00 AM by Morgan Treasure

The National Association of Counties has released a new summary of the fiscal cliff deal signed by President Obama today.  After weeks of negotiation, Congress approved legislation (H.R. 8) on New Year's day that delays the across-the-board sequestration cuts for two months, extends most of the Bush era tax cuts and extends the Farm Bill for another year. 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. While the passage of this measure will temporarily avert and delay various elements of the fiscal cliff, Congress and the administration are already opening talks on the next round of federal debt and deficit issues that may have significant consequences for counties.

Under the most recent fiscal cliff deal, there are several key issues impacting counties:

  • Deduction of state and local taxes extended
  • No major reform to entitlements, including Medicaid 
  • Farm Bill extension fails to extend funding for rural development 

To view the NACo fiscal cliff summary, please click here to view the full report. 

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