The House of Representatives late Tuesday passed and sent to President Obama legislation to avert big income tax increases on most Americans and prevent large cuts in spending on government programs. The measure, brought to the House floor less than 24 hours after its passage in the Senate, was approved 257 to 167, with 85 Republicans joining 172 Democrats in voting to allow income taxes to rise for the first time in two decades, in this case for the highest-earning Americans. Voting no were 151 Republicans and 16 Democrats. The bill was expected to be signed quickly by the president. The legislation allows taxes to go up on household income over $400,000 for individuals and $450,000 for couples, marking the first time in more than two decades that a broad tax increase has been approved with Republican support.
Congress Passes Fiscal Cliff Deal – WSJ.com.
