House Passes 'Fiscal Cliff' Agreement, Averts Financial Crisis
By: Nick Ochsner
Updated: January 2, 2013
Members of the US House of Representatives voted to pass legislation to avert the 'fiscal cliff' late Tuesday night.
The vote came less than a day after the US Senate passed a deal hammered out at the eleventh hour between Vice President Joe Biden and Senate Minority Leader Mitch McConnell.
That deal calls for a tax rate increase on individuals making $400,000 or more and families with a combined income of at least $450,000.
Closer to home, though, the agreement also includes provisions that impact agriculture and tax credits available for those who produce wind energy.
Lawmakers on both sides of the aisle have criticized various aspects of the measure, which has now been based in both chambers of Congress.
The vote came less than a day after the US Senate passed a deal hammered out at the eleventh hour between Vice President Joe Biden and Senate Minority Leader Mitch McConnell.
That deal calls for a tax rate increase on individuals making $400,000 or more and families with a combined income of at least $450,000.
Closer to home, though, the agreement also includes provisions that impact agriculture and tax credits available for those who produce wind energy.
Lawmakers on both sides of the aisle have criticized various aspects of the measure, which has now been based in both chambers of Congress.
