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Awaiting House vote on fiscal cliff deal

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The Senate passed the bill in an 89-8 vote but when it entered the House, things became much more complicated. 

GOP leaders immediately expressed concern about its lack of spending cuts and the Republican leader bluntly stated he doesn't support it.

 So what happens now? 

Right now, members of the Senate are debating the bill. The latest estimate is that this vote will happen sometime after 11:00 p.m. which will be nearly 24 hours after we essentially went over the fiscal cliff. 

This caps off a marathon session of negotiations in both chambers. Tuesday night, members of both parties seem to agree the deal is far from perfect but it does save the majority of Americans from getting a tax hike. 

Earlier House Republican leaders said they would not support the bill passed by the Senate in the middle of the night because it does not cut spending. 

The deal includes $620 billion in new tax hikes – with only $15 billion in spending cuts. 

But ultimately, adding spending cut amendments would have delayed a deal even further which is why some House Republicans like Tom Cole of Oklahoma pushed to get the bill passed. 

"It's too late in game. You know there's a point in the deal where it's done. And if you keep trying to tinker with it to make it perfect, then the deal falls apart," said Tom Cole (R-OK).  

House Democratic leaders emphasized then bill's bipartisan support in the Senate.   

"It was a bill that passed in the United States senate 89-8. Tell me when you've had that on a measure as controversial as this," said Nancy Pelosi, House Minority Leader. 

  • The bill permanently extends the Bush Era Tax cuts for families making less than $450,000 a year.  
  • It raises the Death Tax 5 percent but exempts the first $5 million for individual estates.  
  • It extends long term unemployment benefits for another year. 
  • Threats of rising dairy prices also are averted with a dairy subsidy extension.

But the payroll tax will go back to 6.2 percent, a 2 percent increase which will affect everyone's paycheck costing workers making $100,000 a year about $2,000 more. 

Boehner is banking on getting more cuts during the fight over the debt ceiling, which expires in about two months. 

One advisor to the President saying we're about to enter "60 days of nastiness."

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