Tuesday, January 1, 2013

Senate Passes Fiscal Cliff Deal

The US Senate passed a deal to avoid the fiscal cliff, early Tuesday morning.

It passed 89-8, despite promises by Republicans, especially supposed Tea Party ones, to block it.

Under the bill, taxes will be increased for those earning more than four hundred thousand dollars a year.

Taxes will also go up for estates.

Jobless benefits for long term unemployed will be extended, for another year, while doctors will not see a lessening of payments they receive from medicare.

Energy efficient and renewable resource companies will also see tax breaks become available for them.

However, the bill did practically nothing to cut government spending, which was what Republicans had said they were fighting for.

Five of the 'nos' were Republicans, while three of them came from Democrats.

Richard Shelby of Alabama (R), Michael Bennet of Colorado (D), Tom Carper of Delaware (D), Marco Rubio of Florida (R), Charles Grassley of Iowa (R), Tom Harkin of Iowa (D), Rand Paul of Kentucky (R), and Mike Lee of Utah (R) were the eight who voted against the bill.

Despite the vote in the Senate, it is not expected to pass the House.

No comments:

Post a Comment