Developments at USA to watch - they affect world economy

The US solons have been working overtime, yesterday, December 3l, 2012 to resolve the fiscal cliff:  the end of  tax break and start of budget cuts.  Many fear that if unresolved, US could go on fiscal tailspin.  There were news that a compromise draft  bill has been reached.  And the the Indian stock market responded positively;  it had less than l% increase yesterday.   Indias major trading partner is US and would be affected very greatly by what happens in US.

The other problem that must be resolved is the debt ceiling law.  The last one was approved last Aug 2, 2011. (the  $14.2 trillion limit was reached last July 2011)  Its limit of $l6.4 trillion would be reached in two months time (possibly March).   CNN says it has been breached as of yesterday, New Years Day-

Many say that the fiscal cliff is  not the problem:  the major, mountain of debt is the problem!