NEW YORK (CNN) - Part of the Fiscal Cliff was averted but there are two big issues not addressed in the bill: spending cuts (also called the "sequester") and the debt ceiling.
Treasury Secretary Tim Geithner said the government has officially reached the $16.394 trillion debt limit.
Some analysts warn the gridlock in Washington is what could cause even more problems. Steven Englander at Citi FX said, "The process was so chaotic and the outcome so unsatisfactory that we are likely to see a further U.S. downgrade at some point."
All this drama in Washington could well put the breaks on Wall Street. But Ned Riley, CEO of Riley Asset Management, is still upbeat.
"If I put this fiscal cliff in the context of, lets say, all of the ''Godzillas' of the world or Armageddon's of the world have been portrayed, I would say I'd have to put it in about the 13th position," he said. "Clearly, the financial crisis that we've had in 2009 and '10 was so far much bigger than what we are confronted with today and this fiscal cliff."
The mini-cliffs still left to resolve, he said, are not as dangerous as the recent housing bubble, the currency problems of the late 1990's or the banking problems of the 1980's and 90's.