The 'Fiscal Cliff' bill passed the House in a vote of 257 to 167 late Tuesday night, thus prevent wide spread tax hikes on the middle class. Now, President Barrack Obama must sign the piece of legislation in order put its implementation into effect.
President Obama said, "Thanks to the votes of Democrats and Republicans in Congress I will sign a law that raises the taxes on the wealthiest of Americans," Obama said in remarks at the White House, "while preventing a middle-class tax hike," as reported by NBC News.
See the President's announcement here.
House Speaker, John Boehner said, "Now the focus turns to spending...The American people re-elected a Republican majority in the House, and we will use it in 2013 to hold the president accountable for the 'balanced' approach he promised, meaning significant spending cuts and reforms to the entitlement programs that are driving our country deeper and deeper into debt," as shown on NBC News.
The bill was passed in less divided vote in the Senate on New Year's Eve. The senate voted in a 89-8 thrusting the bill to vote of the House.
According to the purview of the bill, wealthy Americans earning 400,000 per year and couples earning 450,000 will experience a tax raise as opposed to raising taxes on all Americans.
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.
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