Cliff avoided: Congress staves off tax hikes - Business - Boston.com

Cliff avoided: Congress staves off tax hikes - Business - Boston.com: "WASHINGTON (AP) — Past its own New Year’s deadline, a weary Congress sent President Barack Obama legislation to avoid a national ‘‘fiscal cliff’’ of middle class tax increases and spending cuts late Tuesday night in the culmination of a struggle that strained America’s divided government to the limit.

The bill’s passage on a 257-167 vote in the House sealed a hard-won political triumph for the president less than two months after he secured re-election while calling for higher taxes on the wealthy.

In addition to neutralizing middle class tax increases and spending cuts taking effect with the new year, the legislation will raise tax rates on incomes over $400,000 for individuals and $450,000 for couples. That was higher than the thresholds of $200,000 and $250,000 that Obama campaigned for. But remarkably, in a party that swore off tax increases two decades ago, dozens of Republicans supported the bill at both ends of the Capitol."

'via Blog this'

House Wavers on Cliff Compromise - WSJ.com

House Wavers on Cliff Compromise - WSJ.com: "WASHINGTON—House lawmakers meeting for a rare New Year's Day session emerged from lengthy closed-door meetings without embracing a Senate-passed budget deal that avoids the so-called fiscal cliff.

Republicans said party members are upset that the agreement does little to reduce federal spending, suggesting they may try to change an agreement that just hours earlier cleared the Senate in an 89-8 vote. The deal would boost income-tax rates for the first time in 20 years, maintain unemployment benefits and delay spending cuts that were part of the fiscal cliff."

'via Blog this'