House gives final passage to fiscal cliff bill-A A +A
Wednesday, January 2, 2013
WASHINGTON -- Legislation to block the "fiscal cliff" is headed to the White House for President Barack Obama's signature.
The bill will avoid, for now, the major tax increases and government spending cuts that had been scheduled to take effect with the New Year.
The final approval came in the House on New Year's Night with a vote of 257 against 167.
The Senate passed the bill less than 24 hours earlier.
The measure raises tax rates on incomes over $400,000 for individuals and $450,000 for couples, a victory for Obama.
It also extends expiring unemployment benefits for the long-term jobless, prevents a cut in fees for doctors who treat elderly Medicare patients and cancels a $900 pay increase due to lawmakers.
Another provision is designed to prevent a spike in milk prices.
Obama is set to make a statement on the 'fiscal cliff' deal from the White House at 11:20 p.m. Easter Standard Time.