Fiscal Cliff Narrowly Avoided
By: Big 2 News Staff
Updated: January 2, 2013
The House of Representatives and the Senate have agreed on deal for the
so-called "fiscal cliff".
This measure maintains the tax cuts Americans had in 2012, except for those making more than $400,000 a year.
Those will go up.
The legislation would raise roughly $600 billion in new revenues over 10 years, according to various estimates.
It also extends long-term unemployment benefits that were set to expire.
A new Congress is set to be sworn in Thursday, so the timing was crucial.
If this measure wasn't passed by then, negotiations would have had to start over again.
This measure maintains the tax cuts Americans had in 2012, except for those making more than $400,000 a year.
Those will go up.
The legislation would raise roughly $600 billion in new revenues over 10 years, according to various estimates.
It also extends long-term unemployment benefits that were set to expire.
A new Congress is set to be sworn in Thursday, so the timing was crucial.
If this measure wasn't passed by then, negotiations would have had to start over again.
