As part of any deal on the 'fiscal cliff,' Congress will likely take up comprehensive tax reform. That's a worthy goal, but it will involve more political and economic pain than most would like to admit. Every line in the tax code has its own constituency and rationale.
Yes, another debt-ceiling debate is looming, and the Senate's attempt to deal with the issue Thursday involved complex legislative machinations that appeared to backfire on Mitch McConnell.
Fiscal cliff deadline is a month away, but Republicans and Democrats are blaming each other for the inability to get a deal done that would prevent automatic spending cuts. The uncertainlty over the fiscal cliff talks is already having a financial impact, sending the stock market on a roller coaster ride.