The Republican-controlled House on Tuesday passed a “fiscal cliff” deal that President Obama and the Senate had reached late Monday. The late-night vote completed a day in which the legislation had appeared to be on its political deathbed for several hours.
Jan. 1, 2013 President Obama and Vice President Biden make a statement regarding the passage of the “fiscal cliff” bill at the White House. The bill raises income taxes on individuals making more than $400,000 and couples making more than $450,000, but spares most taxpayers any increases. The bill also postpones any budget cuts attached to the fiscal cliff for two months, allowing Congress and the president to negotiate on those issues separately. Charles Dharapak/AP Buy Photo