Senate passed this compromise bill by an 898 margin. Spending caps and the new fiscal cliff senate budget committee. Senate approves fiscal cliff legislation usa today. Baucus calls for bipartisan action on fiscal cliff the. First the senate passed a bill in the wee hours of the. Congress approves fiscal cliff measure the washington post. Under current law, the federal budget deficit will fall dra. The key elements of the deal included an increase in the payroll tax by two percentage points to 6. The american taxpayer relief act of 2012 atra addressed the fiscal cliffs. If not, they would allow the senate bill to move ahead.
In the senate of the united states, january 1 legislative day, december 30, 2012, 20. Congress careened over the edge of the fiscal cliff at midnight, but a solution was in the offing after the senate voted early tuesday to. Fiscal cliff deal stops many tax hikes, but leaves big. The house voted 257167 to send the the bill brokered by senate minority leader mitch mcconnell and. Most prominently, it will extend the bushera tax cuts for the vast majority of americans and.
How john boehner finally got a fiscalcliff deal to obama. The fiscal cliff is a combination of five tax increases and two spending cuts that were scheduled to occur on january 1, 20. Death tax repeal act of 20 introduction press conference letters of support for s. Resolved, that the bill from the house of representatives h.
The democraticcontrolled senate voted 898 to pass a bill designed to avoid a socalled fiscal cliff. In an exceedingly rare flurry of activity on a federal holiday namely new years day 20, congress acted to forestall the fiscal cliff. Baucus calls for bipartisan action on fiscal cliff. Unless the administration and congress act, the likely outcome will be a new. Fiscal cliff bill clears congress, jake sherman and carrie budoff brown, politico, jan. Now the bill is headed to the white house, where it. The fiscal cliff is a manmade disaster waiting to happen. Both bills would extend tax cuts through next year. Highlights of senate bill averting fiscal cliff one set of taxes is set to go up in 20.
Why the senate is making a fiscal cliff the senate has chosen to establish an expiration date for individual tax benefits because it needs to operate within key budget constraints. The communications office of senate finance committee chairman max baucus dmont. Last night, the house passed the fiscal cliff package already agreed upon by the senate, by a 257167 vote. Senate had overwhelmingly approved it earlier that same day. The bill was passed by the senate, with 89 senators in favour and eight against, at 2am on tuesday, too late to prevent the country breaching the. The fiscal cliff compromise approved by the house late tuesday will mute much but not all of the negative economic impact of going over the cliff. Economic effects of reducing the fiscal restraint that is scheduled. House of representatives late on january 1 after the u. Both the 2001 bill and the 2003 bill were passed using a senate procedure.
Such a tax, when used as an emergency measure, is necessarily unequal. The senate bill would receive a vote, with the expectation that democrats and republicans would. Senate finance committee chairman max baucus dmont. Such a tax, when used as an emergency measure, is necessarily. If congress hadnt taken action in time, taxes would have increased and government spending would have been drastically reduced in one day. Share on facebook share on twitter share on facebook share on twitter. The house passes the fiscal cliff deal committee for a. In explaining the senate bill, which would have doubled rates to 2 percent20 percent, the finance committee said. An amendment drafted by senator orrin hatch would have extended the bush tax cuts. The fiscal cliff is the culmination of a decade of temporary tax and budget bills that. The house of representatives voted tuesday night to approve a senate bill to avert a feared fiscal cliff.