Fiscal Cliff Update: Senate Reaches Deal, House Vote Awaits
A summary of the deal reached early Tuesday, January 1. Share your thoughts.
In the wee hours of January 1, 2013, Senate leaders reached agreement on legislation designed to avert the so-called "fiscal cliff." By an 89-9 vote, the Senate passed a package that would put off budget cuts for two months and preserve Bush-era income tax cuts for individuals earning less than $400,000 or couples earning less than $450,000. However, workers still will see a reduction in take-home pay in 2013, as the payroll-tax rate will return to 6.2 percent. The measure now goes to the Republican-conrolled House. The House is scheduled to meet at noon Eastern time Tuesday. Some highlights of the so-called McConnell-Biden plan: The entire Senate bill can be reviewed here. The New York Times reported that the debt limit was not part of …
