Congress Approves Bill to End Fiscal Cliff Standoff
By: Big Country Homepage Staff
Updated: January 1, 2013
The House has passed the Senate fiscal cliff bill that will cancel tax hikes for most Americans and delay spending cuts. The legislation now heads to President Obama for his signature. The House debated the measure before the vote.
Earlier in the night, House Republicans left a closed-door meeting with a deal still up in the air. Many said they wanted spending cuts added to the Senate bill that passed early Tuesday morning by an overwhelming margin.
The bill raises income taxes for individuals earning 400 thousand dollars a year and families earning 450,000. It also delays spending cuts for at least two months, a delay that top-ranking Republicans like Majority Leader Eric Cantor didn't want.
Congress will have another standoff to deal with next month, when lawmakers must raise the 16.4 trillon dollar federal borrowing limit so the government can keep paying its bills.
