Vote pending on fiscal cliff deal

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Midnight has come and gone and the House of Representatives still needs to vote on a fiscal cliff deal. The Senate voted two hours past the midnight deadline and it passed. The package went through with an 89-8 vote early Tuesday morning.

“Middle class families will wake up today to the assurance that their taxes won’t go up $2200 each,” said Senate Democratic Majority Leader Harry Reid. “They’ll have the certainty to plan how they’ll play for groceries, rent, car payments all during next year.”

But the country’s wealthiest residents will pay higher taxes. While taxes will remain steady for the middle class, individuals making more than $400,000 and couples earning more than $450,000 will see a rise in taxes. There will also be an increase on the estate tax and unemployment benefits will be extended.

“We don’t think taxes should be going up on anyone but we all knew that if we did nothing they would be going up on everyone today. We weren’t going to let that happen,” said Senate Minority Leader Mitch McConnell.

The proposed package will go before the House of Representatives Tuesday for a vote.

While the fiscal cliff deadline has passed, some analysts predicted speedy passage from the House and a signature from President Obama will minimize problems for taxpayers.

The controversial spending cuts, a sticking point of negotiations, have been postponed for at least two months.

With CNN