January 1st busy day for House and Senate - KNOE 8 News; KNOE-TV; KNOE.com |

January 1st busy day for House and Senate

Posted: Updated: Jan 1, 2013 10:13 AM

WASHINGTON, DC (KNoe 8 News & AP) - The House is expected to vote later today on legislation to prevent tax increases for most Americans.

In dramatic late night fashion, the Senate overwhelming passed a bill that retroactively stops the nation from going over the so-called fiscal cliff. 

House Speaker John Boehner is promising a quick vote on the fiscal cliff bill passed early this morning in the Senate or an amended alternative. Boehner has not endorsed the agreement which may face opposition from conservative lawmakers in the house.

Vice President Joe Biden negotiated the deal with Senate Republicans over the weekend. The agreement makes Bush era tax cuts permanent for individuals making under $400,000 a year and families making under $450,000. It also postpones harsh across the board spending cuts for a few months

President Obama praised the Senate agreement and urged the House to act without delay. Capitol Hill is normally a ghost town on New Year's day, but this year both the House and the Senate are in session with billions in tax increases and spending cuts on the line.

Lawmakers missed the January first deadline, but the bill will be retroactive. If the measure becomes law, it will be the first significant bipartisan tax increase since 1990. The bill as written also keeps the alternative minimum tax for the wealthy from hitting millions of middle class families.

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