House approves final passage of fiscal cliff bill

Legislation to block the "fiscal cliff" is headed to the White House for President Barack Obama's signature. The deal was approved late last night as

Now Washington faces another looming deadline over spending cuts.

Now Washington faces another looming deadline over spending cuts. (1/2/13)

WASHINGTON - Legislation to block the "fiscal cliff" is headed to the White House for President Barack Obama's signature.

The deal was approved late last night as the House finally voted to approve the fiscal cliff bill.

The move will spare most Americans from significant tax hikes.

The measure will raise tax rates on families earning more than $450,000 a year and on individuals making more than $400,000.

The bill will also extend unemployment benefits for one year. However, it stops spending cuts, which is a disappointment to Republicans.

After the deal was reached last night, Obama praised lawmakers for reaching an agreement that protects the middle class.

Obama said "Thanks to the votes of Democrats and Republicans in Congress, I will sign a law that raises taxes on the wealthiest 2 percent of Americans while preventing a middle-class tax hike that could have sent the economy back into recession and obviously had a severe impact on families all across America."

The deal lets Congress shelf discussions on major spending cuts for another two months. After then, another showdown is likely looming.

The White House has not yet said when the president is expected to sign the bill.

advertisement | advertise on News 12

Top 5 Must See

Nassau Police are investigating a multi-vehicle accident that 1 Police: 1 person killed in multi-vehicle LIE accident
Long Islander Stefan Hespeler raises awareness about veteran 2 12 Making a Difference: Mission 22
White House Press Secretary Sean Spicer said Thursday 3 NY AG, Education Dept. reaffirm support for transgender students
The state lists it as an inactive hazardous 4 DEC declares Hicksville property a Class 2 Superfund site
The department told News 12 that it is 5 Nassau PD not assisting gov't with undocumented immigrant arrests

advertisement | advertise on News 12

Features

Each week, News 12's Doug Geed explores the Check out fun things to do on the East End!

Explore the Twin Forks with News 12's Doug Geed.

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

News 12 digs deep to find Long Island's Discover Long Island's Hidden Past

News 12's Danielle Campbell digs into Long Island's roots.

News 12's Lily Stolzberg sees how much Long On The Spot

News 12's Lily Stolzberg sees how much Long Islanders know about everything and anything.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE