House Approves Fiscal Cliff Measure


By News Department

WASHINGTON, D.C. (CNN/WOLO) - 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.

President Barack Obama spoke on the reached deal late Tuesday night, saying he would sign the measure.
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