U.S. Congress approves tax deal staving off fiscal cliff

The U.S. House of Representatives voted late on Tuesday night to approve a Senate last-minute deal averting the so-called fiscal cliff.

Izvor: Ria novosti

Wednesday, 02.01.2013.

16:21

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WASHINGTON The U.S. House of Representatives voted late on Tuesday night to approve a Senate last-minute deal averting the so-called fiscal cliff. The “fiscal cliff” is a combination of wider tax rises and massive budget cuts. U.S. Congress approves tax deal staving off fiscal cliff The compromise package, approved in a 257-167 vote, avoids tax increases for the U.S. middle classes while raising tax rates on incomes of over USD 400,000 for individuals and USD 450,000 for couples. The far-reaching deal now goes to President Barack Obama for his signature. The bill was approved by the U.S. Senate on Tuesday morning following overnight talks on Monday between Vice President Joe Biden and Republican Senate leader Mitch McConnell. The Republicans agreed to allow the tax rises for the wealthiest Americans, but senators put off a final decision on a range of budget cuts worth USD 110bn for two months. The deal will have major longer-term implications for the wider world, as economists had feared the combination of budget cuts and tax hikes which were set to kick in if no deal was struck could plunge the United States into recession, dragging down other faltering economies. (Beta, file) Ria novosti

U.S. Congress approves tax deal staving off fiscal cliff

The compromise package, approved in a 257-167 vote, avoids tax increases for the U.S. middle classes while raising tax rates on incomes of over USD 400,000 for individuals and USD 450,000 for couples.

The far-reaching deal now goes to President Barack Obama for his signature.

The bill was approved by the U.S. Senate on Tuesday morning following overnight talks on Monday between Vice President Joe Biden and Republican Senate leader Mitch McConnell. The Republicans agreed to allow the tax rises for the wealthiest Americans, but senators put off a final decision on a range of budget cuts worth USD 110bn for two months.

The deal will have major longer-term implications for the wider world, as economists had feared the combination of budget cuts and tax hikes which were set to kick in if no deal was struck could plunge the United States into recession, dragging down other faltering economies.

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