US House Of Representatives Passes Fiscal Cliff Bill

The U.S. House of Representatives voted late on Tuesday to approve a Senate-backed deal aimed at averting the so-called 'fiscal cliff crisis' as well as the associated automatic tax hikes and huge spending cuts. The House approved the original version of the bill in a 257- 167 vote despite earlier demands by some Republican lawmakers to amend the measure to include huge spending cuts.

US House OK Of Tax/Budget Bill Averts Fiscal Cliff, But Debt Ceiling Battle Looms

The U.S. House of Representatives voted late Tuesday to avert the fiscal cliff by supporting a Senate measure to hike income tax rates on only the wealthiest adults. The vote passed the House largely along party lines, 257 to 167. It is the first income tax rate increase in in the United States in 20 years.

Senate adjourns until Wednesday at 12 noon EST

WASHINGTON (Reuters) - The Senate formally adjourned for the evening on Tuesday, which could further complicate the fate of a Senate-passed bill to avert $600 billion in tax hikes and spending cuts known as the "fiscal cliff." Democratic Majority leader Harry Reid adjourned the Senate, which hours before passed legislation raising taxes on incomes above $400,000 and other changes to prevent the ...