Wheeeeeee!: The US fell over the Fiscal Cliff at midnight even though Congressional leaders had reached an agreement on tax issues. The Senate approved the deal 89-8 in a post-midnight vote, but the House will not take it up until this afternoon, possibly even tomorrow. According to the deal taxes will rise for individuals making over $400,000 a year and couples earning $450,000. The estate tax keeps its $5 million exemption, but after that it’s 45%, please. Taxes stay as they are for everyone else. The politicians may put off by at least two months dealing with $110 billion in automatic program cuts, including defense, while they continue to wrestle with deficit reduction. And finally it is unclear what effect the whole wrangle will have on the economy. Many businesses are stressed by the lack of ability to plan for investment and hiring … or firing. Nevertheless this is considered a big win for President Obama, although he has another upcoming fight on the debt limit in early spring.

State of the Secretary: Doctors revealed that the blood clot that sent Hillary Clinton to the hospital is located between her brain and skull behind her right ear. There’s no neurological damage and the clot is being treated with blood thinners. She is expected to be fine.

The Ball Bounces: Seven NFL coaches were fired yesterday at the end of disappointing seasons on what has become known as Black Monday in the football business. That’s the first day after the end of the regular season when some coaches have to get their cleats out of the company locker. Coaches were fired in Chicago, Philadelphia, San Diego, Buffalo, Kansas City, Arizona and Cleveland.

Sports: Wisconsin meets Stanford at The Rose Bowl today. The editorial staff of The Report will be there.

World: Reuters reports that at least 60 people in Ivory Coast were stampeded to death after a New year’s Eve fireworks display.

B.O.: The Hobbitt won the weekend and Les Miz was #3, but The Avengers took the year at more than $623 million, followed by The Dark Knight Rises and The Hunger Games.

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