Rep. Nancy Pelosi
(D) Minority Leader
Rep. Darrell Issa
Rep. Debbie Wasserman Schultz
(D) DNC Chair
Rep. Louise Slaughter
(R) New York
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After a tumultuous day on Capitol Hill, the House votes to approve the fiscal cliff bill passed in the Senate earlier in the day.
Much like we saw in the Senate on New Years Eve, it was a long, contentious road to tonight's vote.
Elizabeth Corridan brings us the latest.
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On this vote the yays are 257 the nays are 167, the motion is adopted
THE HOUSE APPROVES A PLAN TO FIX THE FISCAL CLIFF, PREVENTING MIDDLE CLASS TAXES FROM GOING UP.
THROUGHOUT THE DAY, THE HOUSE WEIGHED THE BILL PASSED BY THE SENATE IN THE EARLY MORNING HOURS.
UNDER THE SENATE'S TERMS:
INDIVIDUALS EARNING 400-THOUSAND DOLLARS A YEAR OR MORE, AND HOUSEHOLDS EARNING 450-THOUSAND DOLLARS OR MORE WILL SEE THEIR TAXES RETURN TO CLINTON-ERA LEVELS.
THE DEAL ALSO EXTENDS UNEMPLOYMENT BENEFITS.
DECISIONS ON THE CONTROVERSIAL SPENDING CUTS ARE PUT ON HOLD FOR TWO MONTHS.
SOME ARGUED THE BILL DID NOT GO FAR ENOUGH.
The Senate, the President and the Vice President failed to meet their obligation, their own stated obligation which was to bring us a balanced bill. One that had tax adjustments, yes, but also had spending cuts. This one fails at that and fails badly.
BUT SUPPORTERS ARGUED THE COUNTRY COULD NOT AFFORD TO NOT PASS IT.
This is a bill that prevents 98% of americans from having their tacks taxes go up.
EVEN THOSE WHO VOTED IN FAVOR, ADMIT IT'S NOT A PERFECT OR PERMANENT FIX.
It's only a partial answer to a much larger problem and it sets the nation up for another fiscal slowdown in mere months.
MEANING WHEN THE NEW CONGRESS IS SWORN IN ON THURSDAY, THERE WON'T BE ANY TIME TO WASTE IN TACKLING SOME OF THE NATION'S STILL PRESSING FISCAL ISSUES.
I'M ELIZABETH CORRIDAN REPORTING.
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The bill is headed to the White House where President Obama has said he will sign it into law, effectively killing the tax hikes that took effect at midnight.