(Bloomberg) The U.S. House of Representatives doesn’t plan any votes on the federal budget tonight, meaning that Congress for now will fail to avert $600 billion in tax increases and spending cuts set to start at midnight.

Taxpayers and investors won’t see immediate effects of the changes, which would accumulate over a matter of months. Congress could reverse them by acting retroactively early in 2013. There are signs they may do just that.

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