Awaiting House vote on fiscal cliff deal - FOX 29 News Philadelphia | WTXF-TV

Awaiting House vote on fiscal cliff deal

Posted: Updated:
MYFOXNY.COM -

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."

  • Your MoneyMore>>

  • Conference call: your bathroom break

    Conference call: your bathroom break

    Thursday, August 21 2014 10:47 PM EDT2014-08-22 02:47:23 GMT
    We asked several people what they do when they are on a conference call. Most of them answered: "The bathroom." Yes, according to a survey conducted by InterCall, 47 percent of 500 people admitted to taking a conference call from the bathroom.
    We asked several people what they do when they are on a conference call. Most of them answered: "The bathroom." Yes, according to a survey conducted by InterCall, 47 percent of 500 people admitted to taking a conference call from the bathroom.
  • The future of books and bookstores

    The future of books and bookstores

    Thursday, August 21 2014 8:46 PM EDT2014-08-22 00:46:06 GMT
    The advent of dedicated e-readers and other devices that allow us to read electronic books has dramatically changed the publishing industry as well as the book retail industry. As an avid reader, Julee Allen is always buying books. And she prefers to buy them in person at a book store. In this age of Kindles, Nooks and other e-readers, some may call Julee and others who prefer to buy actual books part of a shrinking breed.
    The advent of dedicated e-readers and other devices that allow us to read electronic books has dramatically changed the publishing industry as well as the book retail industry. As an avid reader, Julee Allen is always buying books. And she prefers to buy them in person at a book store. In this age of Kindles, Nooks and other e-readers, some may call Julee and others who prefer to buy actual books part of a shrinking breed.
  • Using your credit card rewards

    Using your credit card rewards

    Thursday, August 21 2014 5:56 PM EDT2014-08-21 21:56:50 GMT
    Cashing in your credit card points can be a great way to shop. You've earned them. But analysts say a lot of people don't use these rewards simply because they forget. Lauren Lyons Cole, a personal finance contributor for thestreet.com, has some tips on how you can make sure to make the most of your rewards.
    Cashing in your credit card points can be a great way to shop. You've earned them. But analysts say a lot of people don't use these rewards simply because they forget. Lauren Lyons Cole, a personal finance contributor for thestreet.com, has some tips on how you can make sure to make the most of your rewards.
Powered by WorldNow

WTXF-TV
330 Market Street
Philadelphia, PA 19106-2796

Phone: (215) 925-2929
Fax: (215) 982-5494

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices