Fiscal cliff agreement in the hands of the House

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An agreement on the so-called fiscal cliff was reach by the Senate early Tuesday.  Vice President Biden came in at the last minute to seal the deal for the Senate, who passed it overwhelmingly.  Now it’s in the hands of the House where Republicans are fighting it.

The Senate deal only raises taxes on those making over $400,000 a year.  It also extends unemployment benefits.  But it puts off tackling $24 billion dollars in spending cuts for two months when a new congress will be in place.

Even so Illinois Senator Dick Durbin praised President Obama for making the deal happen.

House Speaker John Boehner and House Majority leader Eric Cantor took a short break from a closed door meeting with GOP leaders earlier in the day. Cantor said, “I do not support this bill.”

The House faces a deadline. On Thursday at noon, a new Congress will be sworn in. A bill passed by the previous Senate would no longer apply, so both chambers would have to start from scratch.

It’s unclear if the house will vote today, so far nothing is set.   Republicans are still going over the deal and may make amendments to the Senate bill which will kick it back there for a vote.

-CNN contributed to this report


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