"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

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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.

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