It’s been nearly a week since Barack Obama was re-elected president and today the 2012 lame duck session officially begins as the fiscal cliff looms.
—The expiration of Bush-era tax cuts on income, investments, married couples and families with children and inheritances.
—A $55 billion, 9 percent cut to the Pentagon next year and another $55 billion in cuts to domestic programs, including a 2 percent cut to Medicare providers.
—The expiration of unemployment benefits for the long-term jobless and a sharp cut in reimbursements for doctors participating in Medicare.
—The expiration of Obama’s temporary 2 percentage point cut in payroll taxes.
—The imposition of the alternative minimum tax on some 26 million households, which would raise their taxes by an average of $3,700.
Last week, Obama got a head start by making a bipartisan call to Republican leadership in Congress, while proceeding to call for a tax hike on those making more than $250,000 per year.