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The measure aims to avoid a series of tax hikes and spending cuts, set to kick in with the new year. The fiscal cliff deal ...
is now going to the House of Representatives, after the Senate passed it 89-8 early New Year's Day. (Jan. 1)
Tags:Senate Passes Fiscal Cliff Deal Last Minute,ap,Associated Press,harry reid,joseph biden,Sen. Patrick Leahy,senate fiscal cliff decision,us senate fiscal cliff
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DURATION: 1:27-----------------------------------------SHOTLIST:SOUNDBITE: SEN. PATRICK LEAHY/(D) VERMONT"the vote, the yeas are 89, the nays are eight, 60 vote threshold having been achieved, the bill as amended is passed."TRACK-1JUST HOURS INTO THE NEW YEAR, THE NATION TAKES A BIG STEP BACK FROM THE FISCAL CLIFF. THE SENATE PASSED A COMPROMISE MEASURE EARLY TUESDAY, AVERTING THE AUTOMATIC TAX HIKES AND SPENDING CUTS THAT WERE SET TO KICK IN WITH THE NEW YEAR.THE DEAL KEEPS TAXES AT THEIR CURRENT LEVELS FOR INDIVIDUALS EARNING UP TO 400-THOUSAND DOLLARS, AND COUPLES EARNING 450.IT DEFERS A TOTAL OF 24-BILLION DOLLARS IN SPENDING CUTS, AIMED AT DOMESTIC AND DEFENSE SPENDING.THE DEAL FOLLOWS INTENSE NEGOTATIONS.. WITH EVEN VICE PRESIDENT JOE BIDEN JOINING IN AS THE CLOCK TICKED DOWN.-NAT SOUND PAUSE-LEADERS FROM BOTH SIDES CALL THE MEASURE IMPERFECT, AND ABSOLUTELY NECESSARY.SOUNDBITE: SEN. MITCH MCCONNELL/(R) MINORITY LEADER1:38:22 "the President wanted tax increases but thanks to this imperfect agreement, 99% of my constituents will not be hit by those hikes."SOUNDBITE: SEN. HARRY REID/(D) MAJORITY LEADER1:35:53 If we do nothing the threat of a recession is very real. And passing this agreement does not mean that negotiations halt. Far from it. We can all agree, there's more work to be done."TRACK-2THE MEASURE NOW GOES TO THE HOUSE OF REPRESENTATIVES.A VOTE IS EXPECTED TUESDAY OR WEDNESDAY.HOUSE SPEAKER JOHN BOEHNER SAYS REPRESENTATIVES AND THE AMERICAN PEOPLE NEED A CHANCE TO REVIEW IT.CARLOTTA BRADLEY, THE ASSOCIATED PRESS.-----------