The House will vote tonight on the senate-passed 'fiscal cliff' bill, possibly allowing the deal to become law, as President Obama has said he will sign it.
House Democrats and some Republicans are expected to help push the deal past the conservative Republican Tea Partiers for the 218 votes needed, reports Politco.com.
Even though the 'fiscal cliff' deadline was passed on Dec. 31, it didn't directly affect anyone today because of the holiday.
The Senate bill will allow tax rates to jump to 39.6 percent on income over $450,000, which is what President Obama has wanted for years.
There will be a one-year extension on unemployment benefits, but senate Republicans killed the payroll tax holiday, which benefitted the middle class.
Senate Minority Leader Mitch McConnell (R-Ky.) and Vice President Joe Biden reached the Senate deal over the weekend.
Without passage in the House, the nation’s economy could be shaken by higher tax rates on all Americans as well as deep federal spending cuts in social services and the military.
House Republicans were upset that the Senate bill lacked spending cuts, which they never complained about during the Bush years. House Majority Leader Eric Cantor, No. 2 in House leadership, opposed the package this afternoon (video below), reports CrooksandLiars.com.