"Cliff Hanger" – US House of Reps debating Fiscal cliff legislation

"Cliff Hanger" – US House of Reps debating Fiscal cliff legislation

The Republican leader in the U.S. House of Representatives Eric Cantor says he does not support the Senate-passed “fiscal cliff” bill.

The Senate has voted 89 to 8 to raise some taxes on the wealthy, while keeping income taxes low on more moderate income voters.

The bill is now in the Republican dominated House of Representatives, but a vote on the legislation is yet to be scheduled.

Democratic House Minority Whip Steyn Hoyer has urged his Republican counterparts to act carefully.

It’s expected, due to Cantor’s announcement, the Republicans will now move to amend the legislation, which means it will have to revisit the Senate.

The legislation postpones for two months the start of $1.2 trillion in automatic spending cuts over 10 years, known as the sequester.”

For those two months, $24 billion in savings would be substituted.

Half of those savings would be split between defense and nondefense programs.

The other half includes new revenues. Republicans say they might try to add more spending cuts to the bill.

– NRN/Reuters

About author

Amy Whittaker
Amy Whittaker 1402 posts

Amy joined the NRN team in August 2011, before graduating from a B of Arts (Communication-Journalism)/B of Sports Studies from Charles Sturt University in December 2011.

View all posts by this author →

You might also like

National

Shorten says levy not a priority, states to meet on Sunday

Opposition Leader Bill Shorten has indicated the Labor party may support the federal government’s debt levy on high income earners.

National 0 Comments

NRN Bulletin 26/9/12

1pm NRN bulletin for Wednesday 26th September

National

Nyngan killer charged with two murders

The man charged with the murder of two people on a rural property in rural NSW has been denied bail and remanded in custody. The body of 28-year-old Jacob Cumberland

National

Government criticised for lack of focus on science

Professor Ingrid Scheffer has raised concerns over science after being awarded the Prime Minister’s prize for science overnight.

0 Comments

No Comments Yet!

You can be first to comment this post!