Friday, January 4, 2013

House staves off fiscal cliff, but more money squabbles lie ahead

In the 257-167 vote late Tuesday, 172 Democrats and 85 Republicans favored the bill; 16 Democrats and 151 Republicans opposed it.
The approved plan maintains tax cuts for individuals earning less than $400,000 per year and couples earning less than $450,000. It will raise tax rates for those who make more, marking the first time in two decades the rates jump for the wealthiest Americans.
The bill also extends unemployment insurance and delays for two months a series of automatic cuts in federal spending.
source: BMG

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