|
 |
The Hill
House approves
'fiscal cliff' deal; bill headed to Obama's desk
By Russell Berman and Pete Kasperowicz
The House late Tuesday night voted to approve a sweeping tax deal to
prevent the most significant effects of the "fiscal cliff," overcoming
Republican resistance to raising income tax rates on the wealthiest
earners.
The 257-167 vote culminated a day of high drama in the Capitol, as
Republican leaders considered and then quickly abandoned a plan to
attach steep spending cuts to a measure passed overwhelmingly by the
Senate early Tuesday morning.
Speaker John Boehner (R-Ohio) voted in favor of the legislation,
splitting with House Majority Leader Eric Cantor (R-Va.) and Majority
Whip Kevin McCarthy (R-Calif.). Rep. Paul Ryan (Wis.), the Budget
Committee chairman and former Republican vice presidential nominee,
voted yes.
Finished just over 36 hours before the 112th Congress adjourns, the
legislation now goes to President Obama for his signature.
The bill extends indefinitely marginal tax rates on annual family
income up to $450,000, lifts the top capital gains and dividends rates
to 20 percent, extends unemployment insurance benefits and a host of
other tax provisions.
It delays automatic spending cuts for two months, setting up another
fiscal showdown over replacing those cuts, raising the debt ceiling and
funding the federal government.
For Boehner (R-Ohio), the vote ended a nightmarish two-month stretch
during which he failed to strike a post-election grand bargain with
Obama, scrapped a vote on his own fiscal plan because of a Republican
mutiny and ultimately was forced to sit on the sidelines as Senate
Minority Leader Mitch McConnell (R-Ky.) hammered out a final deal with
Vice President Biden.
Read the rest of the article at The Hill
|
|
|
|
