The Senate reached an agreement on the fiscal cliff early Tuesday morning. According to NBC News, the deal passed overwhelmingly with a vote of 89-8, and will move to the House for consideration.
The vote came shortly after 2 a.m. ET, as most of the country rang in the new year. NBC News reports on the details of the agreement:
The interim New Year’s Eve tax deal negotiated by Biden and Senate Republican Leader Sen. Mitch McConnell of Kentucky would raise income taxes on single earners with annual incomes above $400,000 and married couples with incomes above $450,000.
It also blocks spending cuts for two months, extends unemployment benefits for the long-term jobless, prevents a 27 percent cut in fees for doctors who treat Medicare patients and prevents a spike in milk prices.
Among the eight Senators who voted against the agreement were both Republicans and Democrats, such as Florida Sen. Marco Rubio and Iowa Sen. Tom Harkin.
Shortly after the vote, President Obama released a statement that applauded the bipartisan effort to reach a deal in order to protect the middle class. “While neither Democrats nor Republicans got everything they wanted, this agreement is the right thing to do for our country and the House should pass it without delay,” he added.
The House will meet Tuesday afternoon, and a vote is expected before Wednesday.
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