And so congress acted, and one crisis was averted. But how does it happen that it's affecting your wallet and also what is next? Abc's white house correspondent jon karl has done some math. Reporter:... See More
And so congress acted, and one crisis was averted. But how does it happen that it's affecting your wallet and also what is next? Abc's white house correspondent jon karl has done some math. Reporter: It finally passed. The motion is adopted. Reporter: But not before a political blood bath. At one point, the speaker of the house telling the top senate democrat to essentially buzz off. But using language we can't use on television. But it was speaker boehner who had to save the deal late last night, fending off a revolt of his own party and putting his job on the line. Supporting something opposed by the vast majority of his fellow republicans. Now that it's passed, what does it mean to you? For the first time in more than 20 years, you'll see tax increases on the wealthy. For taylor swift, who made an $2.6 million in new taxes. Warren buffett, who famously paid a lower tax rate than his secretary, will also take a hit on an estimated earnings of $63 million, he'll pay an extra $2 million, thanks to an increase in the capital gains tax. For those with income under $400,000, no next tax hike. The social security payroll tax cut passed two years ago is now gone. For workers earning $50,000, that will mean $1,000 less in their paychecks over the next year. And the bill extends unemployment benefits for some 2 million people looking for work. But even as that was resolved, a political fire storm erupted over what congress has failed to do. Adjourning without passing an aid bill for victims of hurricane sandy. The rug is pulled out from under us. Absolutelyindefensible. Absolutely absurd. Shame on you, mr. Speaker. Reporter: The failure to even vote on the $60 billion bill prompted an outburst from chris christie. 66 days and counting. Shame on you. Shame on congress. Reporter: His wrath aimed squarely at republican leaders in congress. They forget, we sent them there. We sent them there to do the work for us. Not to sit down there and play with each other. Reporter: All that sound and fury apparently paid off. Late today, speaker of the house john boehner said that aid to victims of hurricane sandy would be the first priority of the new congress that gets sworn in tomorrow. The first vote for sandy victims coming on friday. All right, jon, thank you. But let me ask you this. We've had relief now about one crisis averted, but when is the next one? Reporter: We have potentially three fiscal cliffs coming up. The first one comes next month, when the government is at risk of defaulting on its debt unless congress raises the amount of money the government can borrow. The next, those automatic spending cuts happen on march 1st, UNLESS CONGRESS ACTS. That means potentially hundreds of thousands of government employees put at risk. Finally, funding for the government itself runs out on MARCH 27th, UNLESS THE WHITE House can get some cooperation with republicans in congress. That's a mega-cliff coming. Thank you so much, jon.
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