AP: Early Tuesday morning the US Senate passed a deal to avert the ‘fiscal cliff.’ The legislation will now move to the House of Representatives where a vote is expected before Wednesday.
The White House-backed deal raises taxes on incomes of more than $400,000 for individuals and on incomes of more than $450,000 for couples. The measure also temporarily blocks spending cuts for two months.
Who wants to bet the House finds a way to screw this up?
The US House will miss the midnight Monday deadline lawmakers set for voting to avoid the “fiscal cliff.”
House Republicans notified lawmakers that the chamber will vote Monday evening on other bills. They say that will be their only votes of the day, the Associated Press and others reported.
It remained unclear whether the Senate would vote Monday.
Congress could pass later legislation retroactively blocking the tax hikes and spending cuts.
More from the Associated Press here.
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I just had a good and constructive discussion here at the White House with Senate and House leadership about how to prevent this tax hike on the middle class. And I’m optimistic we may still be able to reach an agreement that could pass both houses (of Congress) on time; Senators Reid and Connell are working on such an agreement as we speak. But if an agreement isn’t reached in time between Senator Reid and Senator McConnell, then I will urge Senator Reid to bring, to the floor, a basic package for an up-or-down vote — one that protects the middle class from an income tax hike; extends the vital lifeline of unemployment insurance to two million Americans looking for a job; and lays the groundwork for future cooperation on more economic growth and deficit reduction.PRESIDENT OBAMA, updating the nation on the fiscal cliff talks. (via inothernews)