Late night deal saves Nation from Fiscal Cliff…or not
The U.S. narrowly avoided going over the fiscal cliff early on New Year’s Day after a last-minute bipartisan agreement cleared the way for a middle-of-the-night vote in the Senate.
The interim deal would raise income taxes on single earners with annual incomes above $400,000 and married couples with incomes above $450,000. It would also block spending cuts for two months, extend unemployment benefits for the long-term jobless, prevent a 27 percent cut in fees for doctors who treat Medicare patients and prevent a spike in milk prices.
It now moves to the House, where Republicans were scheduled to meet at 1 p.m. ET. Republican leader Eric Cantor of Virginia told Reuters that it remained to be decided whether the House would vote on the plan.
The high-stakes drama was resolved after days of back and forth between Vice President Joe Biden, negotiating for Democrats, and Senate Republican leader Mitch McConnell of Kentucky, who finally came to an agreement late Monday.
Don’t be surprised at all if the GOP refuses to take this deal.