The economy: The deal is being characterized as one aimed at "stopping taxes from going up on middle class families," but in fact the expiration of the payroll tax holiday means that taxes will go up on working people. Obama started the fiscal cliff talks aiming to extend the holiday or replace it with some other new stimulus ideas. That's all fallen by the wayside now and for the next two months, the markets will have the shadow of a debt ceiling standoff lurking over its head.
Yglesias (@mattyglesias) is Slate's business and economics correspondent. Before joining the magazine he worked for ThinkProgress, the Atlantic, TPM Media and the American Prospect. His most recent book is "The Rent Is Too Damn High."