U.S. House Passes Fiscal Cliff Deal - Northern Michigan's News Leader

U.S. House Passes Fiscal Cliff Deal

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The House of Representatives passed a bill late last night that cancels out steep tax hikes for the majority of Americans and delays spending cuts, for a few months.

The final vote was 257 to 167.

The legislation is now headed to the White House, for President Obama's signature.

Earlier in the day, it appeared the House would not be able to come to an agreement, with many Representatives concerned the bill did not cut enough spending.

They also did not like that the bill makes Bush era tax cuts permanent, for individuals making under $400,000 a year and families making under $450,000.

Many Representatives wanted to amend the bill, but that means it would have had to go back to the Senate and would have complicated prospects for final congressional passage.

President Obama spoke live late last night saying, "Under this new law, more than 98 percent of Americans, and 97 percent of small businesses will not see their income taxes go up."

Above, 9&10 has posted two videos, one from CNN with parts of the President's speech.