House Of Representatives Approves Fiscal Cliff Bill

January 1, 2013 11:40 PM

(Photo Credit: CBS)

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PITTSBURGH (CBS) — All it needs now is the President’s signature. Late Tuesday night, the House of Representatives approved a bill to avert the Fiscal Cliff.

The House debated the measure before the vote.

“This is a great victory for the middle class whose taxes will not go up tomorrow,” said Rep. Marcy Kaptur, of Ohio.

“We know that entitlement reform is going to be essential if we are to get our fiscal house in order,” said Rep. David Dreier, of California. “And I am saddened that this is not part of it.”

Earlier in the night, House Republicans left a closed-door meeting with a deal still up in the air.

Many said they wanted spending cuts added to the Senate bill that passed early Tuesday morning by an overwhelming margin.

Lawmakers remained at on Capitol Hill for the second late night in a row, which is highly unusual on the New Year holiday.

The bill raises income taxes for individuals earning $400,000 a year and families earning $450,000.

It also delays spending cuts for at least two months; a delay that top-ranking Republicans like Majority Leader Eric Cantor didn’t want.

Reporter: “Do you support the bill?”

Cantor: “I do not support the bill.”

Congress will have another standoff to deal with next month when lawmakers must raise the 16.4 trillion federal borrowing limit so the government can keep paying its bills.

President Obama’s Statement: