Summary
On January 2, 2013, the president signed the American Taxpayer Relief Act of 2012 (H.R. 8), addressing some of the issues debated during the recent fiscal cliff negotiations. The deal includes a number of tax provisions, an extension of unemployment benefits and farm programs, and certain health extensions and offsets. The package also delays sequestration (previously scheduled to take effect January 2, 2013) for two months and pays for those two months of cuts with a combination of other spending cuts and revenue increases. This Budget Brief provides details on the agreement.