Congress Passes Fiscal Cliff Bill

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Congress gave its final approval Tuesday to a bill halting massive tax hikes and delaying a risky round of spending cuts, sending the package to the president’s desk and likely averting for now an economy-stalling fiscal crisis. President Obama said he would sign it.

The bill passed by Congress would nix the 2013 tax increases for families making under $450,000, while letting rates rise for those making above that threshold. It would also extend unemployment insurance for another year, while patching up a host of other expiring provisions and delaying automatic spending cuts for two months. Those cuts, which would hit defense heavily, will instead be offset with a blend of tax increases and other spending cuts.

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