After a long and hard process of negotiations the Senate finally concluded on the 'fiscal cliff,' with Vice President Joe Biden and Republican leader Mitch McConnell from Kentucky sealing the deal.
On Tuesday, New Year's Eve in a vote of 89-8 the Senate passed the bill, which raises taxes for wealthy Americans earning 400,000 per year and couples earning 450,000 as opposed to raising taxes on all Americans.
Now the bill will head to the House on Wednesday, New Year's day. While some political analyst say that the bill will likely pass the House given to the fact that a significant number of both democrats and republicans voted for it in the Senate, many others are still skeptical of the outcome.
Biden warned reporters before the Senate voted, "you shouldn't predict how the Senate's going to vote before they vote - you won't make a lot of money...and you surely shouldn't predict how the House is going to vote," adding "but I feel very very good and think we will get the votes tonight," as reported by ABC News.
The new bill, in addition from preventing tax hikes for the middle class, proposed to extend unemployment benefits, prevent a 27 percent for doctors who treat Medicare patients, prevent hikes on milk prices. The bill also proposes to cut military spending for two months.
President Barrack Obama praised the Senate for passing the bill, "While neither Democrats nor Republicans got everything they wanted, this agreement is the right thing to do for our country and the House should pass it without delay...This agreement will also grow the economy and shrink our deficits in a balanced way - by investing in our middle class, and by asking the wealthy to pay a little more," as reported by CBS News.
Watch the House of Representatives vote on the bill here.
