Is the deal ready yet?
January 1st, 2013
08:18 AM ET

Is the deal ready yet?

No done deal just yet. The House has yet to vote on the package. And it doesn't seem like the members are in a huge hurry to do so, The House reconvenes today at 12 noon.

As for the President he is waiting at the White House. He has urged House members to pass the package "without delay".

The latest CNN wire explaining the in and the outs of the deal is below.

(CNN) - A full two hours after a midnight deadline, the Senate overwhelmingly passed a deal Tuesday to avert the feared fiscal cliff on an 89-8 vote.

The Senate package would put off budget cuts for two months and preserve Bush-era income tax cuts for individuals earning less than $400,000 or couples earning less than $450,000.

The measure now goes to the House where it faces an uncertain future in the Republican-controlled body.

"Glad it's over," said Senate Majority Leader Harry Reid, D-Nevada, after the vote. "We'll see if the Republicans in the House can become functional instead of dysfunctional."

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soundoff (17 Responses)
  1. kevinstaker

    Emily
    The estate tax exemption under the new Tax Act will not be only the $5 million in 2013 as the news media is currently erroneously reporting . It will be over $5.2 million as adjusted for inflation since 2010. I estimate it will be $5,260,000. See my Estate Tax News Blog at http://kevinstaker.wordpress.com/

    Kevin Staker

    January 1, 2013 at 8:33 am |
  2. Marie

    Harry Reid is one to talk of a dysfunctional legislative body. But I wouldn't count on the conservatives in the House passing it. The one possibility is that the establishment Republicans (maybe 140 or so) pass it with the more center Democrats (like 100) and that makes 240 and it gets passed- Don't get stuck on the numbers, just an example.

    January 1, 2013 at 4:35 pm |
    • DEcember 2012

      IT IS PUT UP OR SHUT UP TIME. WE ARE ALREADY OVER THE CLIFF NOW. THE REAL QUESTION IS DO HOUSE REPUBLICANS AND DEMOCRATS WANT ALL OF US TO STAY THERE?

      January 1, 2013 at 5:05 pm |
    • Caramon

      This may be one of the few bills that passes with support from both parties. It may need some Democratic support in order to pass.

      January 1, 2013 at 9:59 pm |
      • DEcember 2012

        THE DEMS ARE DEFINITELY NOT HAPPY WITH CAVING IN AT 400-450,000 BUT THEY HAVE STATED THEY WILL TAKE IT. THE HARD CORE TEA PARTY REPUBLICANS ARE VOCALLY AGAINST IT, NOT SURE HOW THEY ARE GOING TO VOTE.

        SO FAR, MOST OF THE NAYS ARE REPUBLICAN.

        January 1, 2013 at 10:42 pm |
      • DEcember 2012

        AND IT PASSED. HUZZAH.

        January 1, 2013 at 11:08 pm |
  3. trex

    .............isnt it FUN to watch as the Ttard gop DESTROYS ITSELF. But only if the old time COMPASSIONATE CONSERVATIVES allow it. See, if the old guard sticks to ITS PRINCIPLES OF FAIRNESS AND COMPASSION, they will JETTISON THE Ttards, and RE INVENT THEMSELVES INTO A WINNING POLITICAL PARTY.

    Otherwise, the gop will CEASE TO BE A VIABLE NATIONAL PARTY BY 2016.

    January 1, 2013 at 5:48 pm |
    • Dan B

      Good luck with that theory

      January 1, 2013 at 6:35 pm |
    • NAM VET

      IF THE REPUBS FADE AWAY SO WILL ALL THE FREDOMS YOU NOW ENJOY,AS WELL AS YOUR BANK ACCOUNT. KEEP THAT THOUGHT CLOSE.

      January 3, 2013 at 4:56 pm |
  4. Betty

    I would like to know what we (people) can do to have the Congress and the Senate have term limits? I think they should be as the President 4 years reelection and if they win a second term that is all they can serve and when they are out no more pay. Let them work like the rest do and pay in taxes and buy their own insurance and pay into their own retirement. Then we might get something done for all of us.

    January 1, 2013 at 7:22 pm |
  5. Dan B

    It passed with a lot of Democrat support. Now onto the spending cuts.

    January 1, 2013 at 11:21 pm |
    • NAM VET

      THERE WILL BE NO SPENDING CUTS. OB HAS MANDATED SPENDING IS ONLY THING HE WILL ALLOW.

      January 3, 2013 at 5:01 pm |
  6. Kool-Aid Police

    Just as I said it would happen, immediate tax increases and promised "future" cuts. $4trillion added to the debt right off the bat.

    January 2, 2013 at 7:30 am |
    • Marie

      Yep

      January 2, 2013 at 1:01 pm |
  7. Tschrny Wolf

    THANKS SO MUCH, PRESIDENT OBAMA AND ALL THE DEMOCRATS WHO VOTED FOR PASSING THE BILL :) PHEW!!

    January 4, 2013 at 4:58 pm |
    • Steveo

      Any thanks to the GOP members who voted to pass the bill?

      January 4, 2013 at 7:12 pm |
      • Marie

        Yeah. I think the Republicans sacrificed more to avoid the fiscal cliff.

        January 5, 2013 at 11:46 am |