The fiscal cliff negotiations are going down to the final days.
Story Summary
Fiscal Cliff
Hours after the U.S. hit the fiscal cliff and a day before a new Congress would’ve had to start over, a late-night House vote averted big tax hikes and spending cuts.
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 since 1993 that federal income tax rates have gone up for any Americans, according to the Tax Foundation.
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