U.S. Senate approves bill to avoid ‘fiscal cliff’
U.S. Senate on
Tuesday,two hours after a Dec. 31 deadline had lapsed, approved legislation
aimed at averting the “fiscal cliff” by stopping most tax hikes and
across-the-board spending cuts that were due to begin with the new year.
The
House of Representatives still has to approve the measure,possibly on Tuesday.
Senate agreement, in an 89-8 vote, was the result of 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 $110
billion.President Obama said: "While neither Democrats nor Republicans got
everything they wanted, this agreement is the right thing to do for our country
and the House should pass it without delay," USA Today reported.
House
Speaker John Boehner, anticipating the deal on Monday night, said the House
"would honor its commitment to consider the agreement if it is passed. Decisions
about whether the House will seek to accept or promptly amend the measure will
not be made until House members — and the American people — have been able to
review the legislation.”
No immediate effects will be felt from the deal in
the US as Tuesday is a public holiday, but if Congress also approves it as
expected, automatic budget cuts will be averted as well as huge tax cuts for
virtually all Americans.
Media agencies
Tuesday, 1 January 2013
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