House approves ‘fiscal cliff’ deal just 36 hours before Congress adjourns
In a 257 to 167 vote late in the evening on New Year’s Day, the House approved a “fiscal cliff” deal that 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 myriad other tax provisions, according to a Jan. 1 report in The Hill.
According to the report, 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.
The bill, which at the time of posting and writing this story, was on its way to President Obama for his signature. The bill 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, according to The Hill.
From our partners
MORE FROM Articles
SUBSCRIBE & FOLLOW
- Caterpillar mining VP retires amid leadership shakeup414 Views
- U.S. Concrete purchases a New Jersey aggregate operation382 Views
- Thieves derail train in Mexico to steal 70 tons of cement334 Views
- MSHA gives out $8.4 million to 47 states for mine safety and health training328 Views
- Four contractors compete for $1.1 billion I-285/GA 400 interchange project in Atlanta287 Views