Tuesday, January 01, 2013

Senate OKS deal to avert ‘fiscal cliff’ tax hikes, spending cuts

The Chicago Sun-Times reports:
The Senate approved a deal early Tuesday to avert the “fiscal cliff” tax increases and spending cuts. Vice President Joe Biden negotiated the tentative deal with Senate Majority Leader Mitch McConnell (R-Ky.). It will raise tax rates on household incomes of $450,000, keep tax breaks for those making less than that and extend unemployment benefits while at the same time kick decisions over spending cuts down the road a bit.